(212) 637-2600, Human Trafficking & Child Sexual Exploitation, Department of Justice Harassment Prevention Resource. IIG, an SEC-registered investment adviser, provided investment management and advisory services, including for three private funds that it operated: (1) the IIG Trade Opportunities Fund N.V. (TOF); (2) the IIG Global Trade Finance Fund, Ltd. (GTFF); and (3) the IIG Structured Trade Finance Fund, Ltd. (STFF). Mr. Williams praised the We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. HU caused the creation of fake promissory notes and other paperwork to conceal the fraudulent nature of the loans to the Panamanian Shell Entities. Former IIG Managing Partner David Hu gets 12 years jail time for U.S. Attorneys Office for the Southern District of New York, CDC warns of meningococcal disease outbreak affecting gay, bisexual men in Florida, Chipotle Turns to Automation to Offset Staff Shortages, Skywatchers: Mays Full Flower Supermoon will be followed by a lunar eclipse, Rare 12-foot Sicklefin Devil ray spotted off US East Coast, Great Britain CMA stalemates Microsoft-Activision Blizzard deal. From approximately 2007 to 2019, SILVER conspired to defraud investors in IIG-managed funds by: (i) overvaluing distressed loans held by the IIG Funds, (ii) falsifying paperwork to create a series of fake loans that were classified, fraudulently, as positively performing loans, and to otherwise hide losses, (iii) selling overvalued and fake loans to a collateralized loan obligation trust and new private funds established and advised by IIG, and (iv) using the proceeds from those fraudulent sales to generate liquidity required to pay off earlier investors in a Ponzi-like manner. x|y@W=$ !!_ K %B(.,EPA@Vu
T5ZRJiSS7J_}33_8{ Nq-3Vc]y;!T=aQGf/!A'4,\>)Qo%D|~~? dd1z>"IE'*(.y+gcEoqH/,o]_FaMlX;\ . WebThe Department does not have current information on parolees, individuals sentenced to probation, or those who have only been arrested and are awaiting trial or sentencing (and have not yet been sentenced to a prison term). Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. 1700-05, 1932-43; GX 1522. Assistant U.S. Martin Silver had co-founded investment advisory firm in 1994 Co-conspirator David Hu was sentenced to 12-year term in July The co-founder of an investment 27, 2023: Trends Investments Inc. et al. They conspired to defraud IIG investors from approximately 2017 to 2019. Manhattan U.S. Attorney Audrey Strauss said: Today, Martin Silver admitted to participating in a sophisticated, decade-long scheme to defraud IIG funds and investors, abandoning his fiduciary responsibilities to IIGs clients, and causing millions of dollars of losses. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. Assistant U.S. Accounting and Auditing Enforcement Releases. The $8.94 trading range was less than half the previous year. Listen to free podcasts to get the info you need to solve business challenges! My Office remains committed to policing investment advisers who seek to take advantage of their clients for personal and professional gain.. Martin Silver, 65, of New Jersey pleaded guilty in April, admitting that he conspired to defraud investors in funds managed by his firm, International Investment They overvalued portfolio assets and replaced non-performing assets with fictitious loans that were reported as if they were legitimate performing assets, among other deceptions. %PDF-1.6 . Unless otherwise stated, photos Big Stock Photography Dreamstime Photos Google Maps Thompson Reuters. WebThe documents, which lawyers for Silver have been fighting to keep under seal, will be released by 9 a.m. Friday and redacted in part to protect sensitive details about the people named in them. Hu co-founded the Manhattan-based International Investment Group (IIG) in 1994. <>stream Specifically, HU caused the creation of shell entities domiciled in Panama (Panamanian Shell Entities) that were controlled by an IIG nominee. The litigation was handled by Ms. Moilanen. The matter was supervised by Sheldon L. Pollock and Osman Nawaz. Martin Silver had co-founded investment advisory firm in 1994, Co-conspirator David Hu was sentenced to 12-year term in July. WebRelease No. In connection with his plea agreement, SILVER has also agreed to cooperate with the Governments ongoing investigation. U.S. District Judge Alvin Hellerstein issued the sentence against Hu on Monday. Giving back to the community through a variety of venues & initiatives. Tr. Please try again. April 14, 2022 at 04:43 PM Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. Click here to report information on Amazon warehouses. Pursuant to Fed. a};@_5,}V$dYOKl'[>r. U.S. District Judge Alvin K. Hellerstein announced the sentence Monday and it will be formally imposed following the conclusion of forfeiture and restitution proceedings in the case, Williams said. }-|4u5On>M4OW Inducing a retail mutual fund to invest in a fictitious $6 million loan. In addition to the prison sentence, HU, 64, of West Orange, New Jersey, was ordered to serve three years of supervised release. State of the US legal market . The final judgment orders disgorgement of $2,306,856, representing Silver's ill-gotten gains, and prejudgment interest of $243,403.98, and that disgorgement shall be deemed satisfied by the restitution order entered against him in the parallel criminal proceeding, United States v. Hu, et al., 20 Cr. (AKH). Manage Settings Creating fictitious loans in order to hide the losses resulting from the Defaulted Loans, including from auditors reviewing TOFs financials, by removing the Defaulted Loans from the TOF portfolio and replacing them with tens of millions of dollars in fictitious loans to purported borrowers in foreign countries (the Fake Loans). _2J++IWLWbh?gQ?}^\u{MbAJ Mr. Williams praised the investigative work of the FBI and also thanked the U.S. Securities and Exchange Commission for its assistance. IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. Tr. HU was a managing partner and the chief investment officer of IIG. Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. Austin Belcak runs a million-strong network called 'Cultivated Culture' and provides advice on landing the job you really want (as distinct from the one you have presently). The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. Silver reaped about $4 million from a pair of illicit schemes that saw him convicted in two Manhattan Federal Court trials that ultimately got him a seven-year prison sentence. WebView the profiles of people named Martin Silver. A federal judge has sentenced the co-founder of a private debt adviser to 12 years in prison for a $100 million Ponzi scheme he launched to help his firm cover up bad CONSENT OF DEFENDANT MARTIN SILVER 1. From approximately 2007 to 2019, HU conspired to defraud investors in IIG-managed funds by: (i) overvaluing distressed loans held by the IIG Funds, (ii) falsifying paperwork to create a series of fake loans that were classified, fraudulently, as positively performing loans, and to otherwise hide losses, (iii) selling overvalued and fake loans to a collateralized loan obligation trust and new private funds established and advised by IIG, and (iv) using the proceeds from those fraudulent sales to generate liquidity required to pay off earlier investors in a Ponzi-like manner. IIG and, in turn, Hu, received a performance fee with respect to the IIG Funds, as well as a management fee, which was calculated as a percentage of the assets under management held in the Funds, the court said. IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. In addition to a 12-year prison sentence, the ex-IIG head was ordered to serve three years of supervised release. In March 2018, IIG reported to the SEC that it had about $373 million in assets under management. WebMartin Silver *6170 Citibank may transmit payment electronically to the Commission, which will provide detailed ACH transfer/Fedwire instructions upon request. Silver begged for mercy ahead of his sentencing in a letter to the judge, saying he was "broken-hearted" he had caused people to lose faith in government. HU pled guilty in January 2021 to investment adviser fraud, securities fraud, and wire fraud offenses. AI and the Legal Industry: Will AI Lead to Robot Lawyers? Private Foundations VS Donor-Advised Funds, Valuation, Fundamentals, Momentum: The Case for Mid-Cap Value Stocks. According to the allegations contained in the Information and based on statements made in Manhattan federal court: SILVER and a co-conspirator (CC-1) founded IIG in 1994. Hu and Silvers Ponzi-like scheme involved overvaluing distressed loans held by IIG funds, falsifying documents to create a series of fake loans that were classified as performing, selling overvalued and fake loans to a collateralized loan obligation trust, and new private funds established and advised by IIG, and using the proceeds from those fraudulent sales to generate liquidity required to pay off earlier investors. The SEC's investigation was conducted by Lindsay Moilanen and Diego Brucculeri of the New York Regional Office, with assistance from Eli Bass of the Division of Examinations. An example of data being processed may be a unique identifier stored in a cookie. Smiley Martin has a criminal history dating back to 2013, including his most recent sentencing in 2018 to 10 years in prison for domestic violence and assault with great bodily injury. Log in to keep reading or access research tools. IIG purported to value the trade finance loans in its funds on a regular basis. HU then directed that the proceeds from the fraudulently induced New Loan be transferred into Borrower-1s account, effectively reimbursing the account for the earlier $6 million transfer to the Retail Fund. The consent submitted will only be used for data processing originating from this website. In March 2018, IIG reported to the SEC that it had approximately $373 million in assets under management. Man found guilty of manslaughter, attempted first-degree murder In addition to the prison sentence, Hu, 64, of West Orange, New Jersey, was ordered to serve three years of supervised release, according to Williams. The former managing partner and chief investment officer of a New York-based investment advisory firm has been sentenced to 12 years in prison for his role in defrauding clients and investors in a more than $120 million Ponzi scheme, according to the U.S. Attorney for the Southern District of New York. The former managing partner and chief investment officer of a New York-based investment advisory firm has been sentenced to 12 years in prison for his role in May 3, 2016 3:38pm. Leave a Comment / BigLaw Pay, Power Firms / By, Lawyer and legal consultant Emma Haywood, who produces the 4 Day Lawyer as a monthly newsletter, wrote recently for the NZ Law Gazette about the move towards the 4 day work week for lawyers. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York and the Federal Bureau of Investigation. IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. In January 2021, Hu pleaded guilty to investment adviser fraud, securities fraud, and wire fraud offenses. According to the allegations contained in the Information and based on statements made in Manhattan federal court: SILVER and a co-conspirator (CC-1) founded IIG in 1994. SanctuaryWealth Picks Up $1B Advisory Team From Merrill, Friend of Warren Buffett Unpacks His Investing Wisdom, Cetera Adds Direct, Custom Indexing to Advisory Platform, 9 Trends That Sum Up the State of RIAs: Cerulli, Wells Fargo Appeals Arb Ruling Struck Down in Court. Readers deserve to know that real story. Todays sentence sends the message that brazen fraud does not pay and will be appropriately punished.. IIG purported to value the trade finance loans in the IIG Funds on a regular basis. Your exam is being submitted. Mismarking the value of multiple loans that had, in reality, defaulted (the Defaulted Loans). In or about February 2017, a borrower (the Argentine Borrower) had failed to pay the principal on an approximately $6 million loan (Loan-1) in which the Retail Fund had invested and which was nearing its maturity date. For her, integrity is everything. Investments in TOF, STFF, and GTFF were marketed by IIG to institutional investors, such as pension funds, hedge funds, and insurers. Silver, who cooperated with the SEC, consented to a bifurcated settlement, agreeing to be permanently enjoined from violations of the charged provisions, with monetary relief to be determined by the court at a later date upon motion of the Commission. Jerry Lambe Oct 18th, 2021, 3:44 pm. . The court also plans to impose restitution to victims and forfeiture of the proceeds. He has not yet been sentenced. The court also announced it planned to impose restitution to victims and forfeiture of the proceeds of the offenses involved in the case, with the amounts to be determined at a later date. IIG purported to value the trade finance loans in the IIG Funds on a regular basis. There was an error logging in. According to the SEC's complaint, from October2013 to at least July 2018, Silver, defrauded IIG's investment advisory clients by, among other things, grossly overvaluing the assets in IIG's flagship hedge fund. The SEC-registered investment adviser provided investment management and advisory services, including for three private funds that it operated: the IIG Trade Opportunities Fund N.V., the IIG Global Trade Finance Fund, Ltd., and the IIG Structured Trade Finance Fund, Ltd. HU then directed that the proceeds from the fraudulently induced New Loan be transferred into Borrower-1s account, effectively reimbursing the account for the earlier $6 million transfer to the Retail Fund. Mr. Silver cut a diminished figure in court, staggering in a few minutes before his sentencing wearing a dark, loosely fitted suit, a blue surgical mask and a pair of clear, disposable vinyl gloves. Ms. Strauss praised the investigative work of the FBI and also thanked the SEC for its assistance. The U.S. Attorney said from about 2007 to 2019, Hu and co-conspirator Martin Silver, also a co-founder of IIG, engaged in the scheme that defrauded investors in IIG-managed funds by among other things, overvaluing distressed loans held by the IIG Funds; falsifying paperwork to create a series of fake loans that were classified, fraudulently, as positively performing loans, and to otherwise hide losses; selling overvalued and fake loans to a collateralized loan obligation trust and new private funds established and advised by IIG; and using the proceeds from those fraudulent sales to generate liquidity required to pay off earlier investors in a Ponzi-like manner.. The sentencing judge, as the eyes and ears of the Rule of Law, is in the best position to fashion a fit and appropriate sentence. This Office was one of the districts affected by the SolarWinds intrusion. . She previously worked as research analyst and editor at Lombardi Financial and has written for various websites including The Motley Fool, ValueWalk, IcannWiki and was a news writer/radio program producer at Nation Broadcasting Corporation. Last year, a bunch of companies in the UK tried it out and found that they didnt lose any money using [], Salaries for New Zealand lawyers salary survey conducted by recruitment firm Nicholas Scott shows a slightly higher pay scale for Wellington lawyers over Auckland, with higher minimum levels at the commencement stages, although law firm equity partners shown in the survey have substantially higher annual earnings for Auckland partners compared to their capital counterparts ($285,000+ [], This guy provides the 'Rule of 5' for you to apply to get the job offers that let you actually choose the job you want. IIGs purported expertise was in trade finance loans to borrowers located in Central or South America, and in a variety of industries, with a stated focus on soft commodities, such as coffee, agriculture, fishing, and other food products. . All defendants in crime reports are presumed innocent until proven guilty. In March 2018, IIG reported to the SEC that it had approximately $373 million in assets under management. According to the Information and based on statements made and documents filed in federal court in this case: HU and co-conspirator MARTIN SILVER founded IIG in 1994. Silver pleaded guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and is awaiting sentencing. Mr. Williams praised the investigative work of the FBI and also thanked the U.S. Securities and Exchange Commission for its assistance. He was convicted of using his clout in state government to benefit real estate developers, who rewarded Silver by referring lucrative business to his law firm. The overvaluation of the loan materially inflated the net asset value reported to TOF investors. From approximately 2007 to 2019, HU conspired to defraud investors in IIG-managed funds by: (i) overvaluing distressed loans held by the IIG Funds, (ii) falsifying paperwork to create a series of fake loans that were classified, fraudulently, as positively performing loans, and to otherwise hide losses, (iii) selling overvalued and fake loans to a collateralized loan obligation trust and new private funds established and advised by IIG, and (iv) using the proceeds from those fraudulent sales to generate liquidity required to pay off earlier investors in a Ponzi-like manner. This Legal Leader Thinks So, 10 Steps for Lawyers to Streamline their BD Process, Best Trusts and Estates Law Firms: Top Picks for Your Legal Needs. IIG and, in turn, SILVER, received a performance fee with respect to the IIG Funds, as well as a management fee, which was calculated as a percentage of the assets under management held in the Funds. Congrats! In 2021, while silver made a slightly higher high at $30.35, the trading band was narrower as the years low was at $21.41. Click here to report information on Amazon warehouses. On Feb. 1, 2021, the court lifted the stay for the limited purpose of considering the parties motion for entry of a consent judgment against Hu partially resolving the case, and the court granted the motion that day, according to court documents. Latest from Department of Justice Press Releases, Rochester Man Who Fled Police Pleads Guilty To Gun Charge, Man Who Produced Child Pornography Going To Prison For 26 Years, Getzville Man Going To Prison For Threatening To Kill Police Officers, Kenmore Man Pleads Guilty To Fentanyl Charge, Statement From U.S. Attorney Jason M. Frierson On National Human Trafficking Prevention Month, Grand Junction Man Sentenced to Life in Federal Prison for Distribution of Fentanyl Resulting in Death, California-Based Company, Company President Plead Guilty in Scheme to Violate the Export Control Act, Man Sentenced for Three Richmond Armed Robberies, Henrico Man Pleads Guilty in $1.1 Million COVID-19 Fraud Scheme, Subway shed more U.S. sandwich shops in 2022 -document. Hu did that by: overvaluing distressed loans held by the IIG Funds; falsifying paperwork to create a series of fake loans that were fraudulently classified as positively performing loans; and selling overvalued and fake loans to a collateralized loan obligation trust and new private funds established and advised by IIG, according to the Justice Department. A foreign institutional investor provided $70 million as the seed investment for GTFF, and, later, $130 million as the seed investment for STFF. Defendant Martin Silver (Defendant) waives service of a summons and the complaint in this We and our partners use cookies to Store and/or access information on a device. Mismarking multiple loans that were distressed (the Distressed Loans). Hus lies caused millions of dollars of losses. Assistant U.S. VOGr.n+>;UqbhD%bZ+3 &)oRMLxY*^7'=6,B-!Eg$X[FYr,-uM,OXYNZ^ly'[s.xkuuuuz]A}>wr CsO,;3Q+Fy~t|\:_rn[gt|z #X60m
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$Xo~No]*gF>U]mzmW? Asher Martin courtesy of State Attorneys Office. David Hu, 64, of West Orange, N.J., who in January 2021 pleaded guilty to investment adviser fraud, securities fraud, and wire fraud offenses, was sentenced on Monday by U.S. District Judge Alvin K. Hellerstein. WebMARTIN SILVER, 63, of New Jersey, pled guilty to one count of conspiracy to commit investment adviser fraud, securities fraud, and wire fraud, which carries a maximum VIII. These Distressed Loans included, for example, loans for which the borrowers had missed multiple scheduled payments. Investments in TOF, STFF, and GTFF were marketed by IIG to institutional investors, such as pension funds, hedge funds, and insurers. HU was a managing partner and the chief investment officer of IIG. The court also announced that it would impose restitution to victims and forfeiture of the proceeds of the offenses, with the amounts to be determined at a later date, the release noted. The managing partner of a New York City investment advisory firm was sentenced Monday to 12 years in prison for his role in a Ponzi scheme that defrauded investors out of more than $120 million. Stephen Yang. According to the information filed against Hu by the Justice Department in 2020, as well as statements made and documents filed inU.S. District Court for the Southern District of New York, Hu and co-conspirator Martin Silver, who founded IIG together in 1994, provided investment management and advisory services through the firm, including for three private funds that it operated: IIG Trade Opportunities Fund, IIG Global Trade Finance Fund, and IIG Structured Trade Finance Fund. IIGs trade finance loans were purportedly secured by collateral, such as the underlying traded goods, assets held by the borrowers, or expected payments by third parties. Share & Print. U.S. District Judge Alvin K. Hellerstein announced todays sentence, which will be formally imposed following the conclusion of forfeiture and restitution proceedings in the case. 2008-2023 - Shore News Media & Marketing Ltd. Co. All rights reserved. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. Todays sentence sends the message that brazen fraud does not pay and will be appropriately punished.. Damian Williams, United States Attorney for the Southern District of New York, announced that DAVID HU, former managing partner and chief investment officer of the Manhattan-based investment advisory firm International Investment Group (IIG), was sentenced today to 12 years in prison for his role in an over $120 million scheme to defraud IIGs clients and investors. Please click here for further information. U.S. District Judge Alvin K. Hellerstein announced todays sentence, which will be formally imposed following the conclusion of forfeiture and restitution proceedings in the case. That parallel case was stayed since Sept. 21, 2020, until the conclusion of the Justice Department criminal case. That includes an eclipse of a Full Flower Supermoon. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Trending Stories - The biglaw salary scale . IIGs purported expertise was in trade finance loans to borrowers located in Central or South America, and in a variety of industries, with a stated focus on soft commodities, such as coffee, agriculture, fishing, and other food products. Sentencing before Judge Hellerstein has been scheduled for November 16, 2021, at 11:00 a.m. The SEC previously charged IIG with fraud on November 21, 2019, and revoked IIG's registration as an investment adviser on November26, 2019. On March 30, 2020, the SEC obtained a final judgment on consent enjoining IIG from violating the antifraud provisions of the federal securities laws and requiring IIG to pay more than $35 million in disgorgement and prejudgment interest. WebSilver pled guilty in April 2021. 80b-6(1) and 80(b)-6 (2)], by, while acting as an investment adviser, using any means or instrumentalities of interstate commerce, or any means or instruments of transportation or communication in interstate commerce, or by the mails or any facility of any national securities exchange: As further set forth. IIG, it said, touted its risk control strategies and its robust credit review process for borrower. MARTIN SILVER, 63, of New Jersey, pled guilty to one count of conspiracy to commit investment adviser fraud, securities fraud, and wire fraud, which carries a maximum sentence of five years in prison; one count of securities fraud, which carries a maximum sentence of 20 years in prison, and one count of wire fraud, which carries a maximum sentence of 20 years in prison. Ex-Head of RIA Sentenced to 12 Years in Prison Over $120M Scam, News Both Hu and Silver have also reached settlements with the U.S. Securities and Exchange Commission in parallel The SEC expected that, after Hus sentencing occurred, the parties would discuss a settlement of the Commissions claims for monetary relief. Convicted at his second trial, Silver was sentenced in 2018 to six and a half years in prison. He began serving his sentence in 2020, despite pleas from his lawyers about his health problems and the COVID-19 pandemic. Get alerted any time new stories match your search criteria. All rights reserved. David Hu shirked his fiduciary responsibilities and defrauded IIG funds and investors for more than a decade, Williams said in a news release. Date Respondents; Second Quarter: LR-25701: Apr. On March 23, 2023, the U.S. District Court for the Southern District of New York entered a final consent judgment against Martin Silver, the co-founder of International Investment Group (IIG), a formerly registered investment adviser, MARTIN SILVER, 63, of New Jersey, pled guilty to one count of conspiracy to commit investment adviser fraud, securities fraud, and wire fraud, which carries a To replace the funds from Borrower-1s account that were used to make it appear as though the Argentine Borrower had repaid its debt to the Retail Fund, HU fraudulently induced the Retail Fund to invest in a new, fake $6 million loan to the Argentine Borrower (the New Loan). Then, HU caused the CLO Trust to enter into fake loan transactions with the Panamanian Shell Entities. This case is being handled by the Offices Securities and Commodities Fraud Task Force. You are now logged in. IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. Ms. Strauss praised the investigative work of the FBI and also thanked the SEC for its assistance. The complaint, filed in the U.S. District Court for the Southern District of New York, charges Silver with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. Todays sentence sends the message that brazen fraud does not pay and will be appropriately punished.. IIG also advised the Venezuela Recovery Fund (VRF), a fund that managed the remaining assets of a failed Venezuelan bank (VRF, together with TOF, GTFF, and STFF, the IIG Funds). LawFuel is a law news and jobs network founded in 2001. Securities and Exchange Commission v. Silver. Using the CLO Trust and Panamanian shell entities to cover up losses. No portions of this website may be reproduced, retransmitted, copied, or republished without expressed written consent from Shore News Media & Marketing, LLC. IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. IIG also advised the Venezuela Recovery Fund (VRF), a fund that managed the remaining assets of a failed Venezuelan bank (VRF, together with TOF, GTFF, and STFF, the IIG Funds).
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