Trade Financier Charged In NY, Denies $100M Fraud Rap

Law360, New York (July 17, 2020, 3:04 PM EDT) -- A New Jersey man who co-founded trade financing firm International Investment Group denied Manhattan fraud charges on Friday after the feds arrested him for an alleged $100 million scheme to inflate loan asset values and create fake loans to make his balance sheet look better.

David Hu, 60, of West Orange entered a not guilty plea and was released on $500,000 bond after a teleconference arraignment before U.S. Magistrate Judge Robert W. Lehrburger. His case will be overseen by U.S. District Judge Alvin K. Hellerstein.

Hu and his IIG co-founder, referred to as co-conspirator 1 by federal prosecutors, used money raised...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!