Scaramucci’s SkyBridge sues Premium Point Investments

Scaramucci’s SkyBridge sues Premium Point Investments

SkyBridge Capital II LLC claims that it lost nearly US$80 million because Premium Point Investments inflated the value of its hedge fund assets.

SkyBridge was founded by Anthony Scaramucci. (Reuters pic)
NEW YORK:
SkyBridge Capital II LLC said on Monday it was suing Premium Point Investments LP, claiming it lost nearly US$80 million (RM320 million) because the investment service inflated the value of its hedge fund assets.

SkyBridge, a hedge fund investment firm founded by US President Donald Trump’s former aide Anthony Scaramucci, claims that Premium Point overstated its hedge funds’ valuations by US$200 million (RM810 million) using false broker quotes that artificially inflated the prices of bonds.

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.

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

SkyBridge said its investors recovered only US$300.5 million (RM1.21 billion) of the US$365.9 million (RM1.473 billion) that they invested in Premium Point funds and suffered US$14 million (RM56.4 million) more in damages from lost investment profits.

Both firms could not be immediately reached for comment.

Premium Point filed for bankruptcy in March.

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