NY Fund Manager Gets 13 Months for $100 Million Ponzi Fraud (1)

The co-founder of an investment advisory firm based in New York was sentenced Wednesday to 13 months behind bars for stealing more than $100 million from clients in a Ponzi-like scheme.

Martin Silver, 65, of New Jersey pleaded guilty in April, admitting that he conspired to defraud investors in funds managed by his firm, International Investment Group LLC, by overvaluing distressed loans and creating bogus documents and fake loans that were used to hide losses.

US District Judge Alvin Hellerstein gave Silver a much shorter sentence than the 12-year term given to his co-conspirator, David Hu.The judge ...