Adviser To Pay $35M In SEC Action Over Hiding Losses

Law360 (March 24, 2020, 3:45 PM EDT) -- A New York-based firm will pay the SEC more than $35 million to resolve allegations that the firm spent years defrauding its customers by hiding losses in its flagship hedge fund, under the terms of a proposed judgment filed Monday in New York federal court.

The U.S. Securities and Exchange Commission, which filed the proposed judgment, asked U.S. District Judge Denise L. Cote to have International Investment Group LLC disgorge $30.9 million with $4.3 million in prejudgment interest, totaling $35.2 million.

The agency and the company reached an earlier partial judgment agreement in November, the day after the SEC launched its...

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