Premium Point Investments trader receives 40 months in prison for a mismarking scheme.

Anthony Scaramucci has received justice from the firm that caused Skybridge Capital about a $79 million loss. Scaramucci’s fund of funds had sued Premium Point Investments on claims that the investment firm inflated the value of its hedge fund assets. Skybridge announced the suit back in June 2018.

Today was judgment day for a trader who took part in a $100 million mismarking scheme. Former Premium Point trader Jeremy Shor received 40 months in prison and three years of supervised relief. A court convicted Shor of fraud-related offenses related to the scheme.

The court also convicted Premium Point’s founder and CEO Anilesh Ahuja.

A court will sentence Ahuja on November 25.

Anthony Scaramucci Versus Premium Point Investments

Further, the U.S. Department of Justice said that the investment firm inflated quotes. It also rigged the valuation process to drive up the value of its funds’ securities. That, in turn, also allowed the firm to charge higher fees and prevent investors from pulling their money.

The U.S. attorney Audrey Strauss also says that the scheme allowed Ahuja’s firm to hide its “true financial health from investors” like Skybridge Capital.

“Shor’s prison sentence underscores the seriousness of his crimes and the need for honest, accurate reporting by financial institutions to their investors,” she later said.

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