Grimy Times has learned that Derrick Hodge and Isaac Briggs III, two men from New York, have been charged with running an investment fraud scheme that defrauded victims of $7 million.
According to the complaint, Hodge and Briggs III operated the scheme through their company, Heritage Integrity Investment Trust (HIIT), which promised investors a return of five times their initial investment.
However, investigators found that the defendants did not invest the money in any trading program, but instead transferred it to their personal accounts and used it to pay for personal expenses, including food, travel, entertainment, and luxury goods.
The scheme allegedly lasted from October 2020 to November 2023, during which time Hodge and Briggs III defrauded at least seven victims.
The defendants are charged with one count of conspiracy to commit wire fraud, one count of wire fraud, and one count of conspiracy to commit money laundering, each of which carries a maximum sentence of 20 years in prison.
Briggs III is also charged with one count of aggravated identity theft, which carries a statutory mandatory penalty of two years in prison, which must run consecutively to any other prison term.
The case is being supervised by the Office’s General Crimes Unit, with Assistant U.S. Attorney William C. Kinder in charge of the prosecution.
Hodge, 52, of Avondale, Louisiana, and Briggs III, 52, of Somerset, New Jersey, were arrested today and are scheduled to be presented in court.
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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