June 26, 2018 / 1:39 AM / 5 months ago

Scaramucci's SkyBridge sues Premium Point Investments

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

(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.

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.

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

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