SEC Revokes Registration of Adviser Engaged in $60 Million Fraud


The Securities and Exchange Commission today revoked the registration of New York-based investment adviser International Investment Group LLC (IIG), which the Commission recently charged with securities fraud for hiding losses in its flagship hedge fund and selling at least $60 million in fake loan assets to clients.

"This case shows that even sophisticated professional investors can fall victim to Ponzi schemes," said Daniel Michael, Chief of the SEC's Complex Financial Instruments Unit. "The revocation of IIG's registration is necessary to protect the public in light of IIG's egregious breaches of its fiduciary duty as an investment adviser."