June 26, 2018 / 1:41 AM / 3 months ago

Scaramucci's SkyBridge sues Premium Point Investments

(Reuters) - SkyBridge Capital II LLC said on Monday it was suing Premium Point Investments LP, claiming it lost nearly $80 million because the investment service inflated the value of its hedge fund assets.

FILE PHOTO: Anthony Scaramucci, Founder and Co-Managing Partner at SkyBridge Capital, speaks during the opening remarks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian/File Photo

SkyBridge, a hedge fund investment firm founded by U.S. President Donald Trump's former aide Anthony Scaramucci, claims that Premium Point overstated its hedge funds’ valuations by $200 million using false broker quotes that artificially inflated the prices of bonds. (bit.ly/2KhCH45)

In May, federal prosecutors charged Premium Point’s founder Anilesh Ahuja and two former members of the firm with inflating the value of assets held by the firm’s hedge funds.

FILE PHOTO: New White House Communications Director Anthony Scaramucci addresses the daily briefing at the White House in Washington, U.S., July 21, 2017. REUTERS/Jonathan Ernst/File Photo

Ahuja and former partner Amin Majidi and former trader Jeremy Shor pleaded not guilty.

SkyBridge said its investors recovered only $300.5 million of the $365.9 million that they invested in Premium Point funds and suffered $14 million more in damages from lost investment profits.

Both firms could not be immediately reached for comment.

Premium Point filed for bankruptcy in March.

Reporting by Uday Sampath in Bengaluru; Editing by Lisa Shumaker

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below