Sanjay Wadhwa, Senior Associate Director of the SEC’s New York Regional Office said:
As alleged, Hu’s deception caused substantial losses to a retail mutual fund, and other funds IIG advised. The SEC remains committed to holding accountable individual wrongdoers who seek to take advantage of investors for personal gain, including when they employ elaborate means to cover up their fraud.
The SEC charged Hu with fraud and seeks permanent injunctive relief, disgorgement and civil penalties. The US Attorney’s Office for the Southern District of New York today announced criminal charges against Hu in a parallel action.
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