SEC Obtains Final Judgments Against Portfolio Manager and Trader in Premium Point Investments Fraud Case

Amin Majidi (a portfolio manager at Premium Point Investments) and Ashish Dulle (a trader for the same company) were permanently banned from violating securities law by the U.S. District Court of New York’s Southern District on April 11,2023. Majidi is a Portfolio Manager for Premium Point LP and Dole is a Trader for the same firm. Both were permanently banned from violating Securities Laws.

The Securities and Exchange Commission had filed a lawsuit against Premium Point Investments LP. They alleged that Premium Point Investments LP engaged in a scam to inflate their private funds’ value from September 2015. to March 2016. Premium Point was involved in a scheme that involved a secret agreement where Premium Point would receive inflated broker quotes on mortgage-backed security in exchange for sending orders to a broker dealer. The company also used “imputed” The mid-point values are used to increase the value of securities. This practice was used by Premium Point to inflate the value of its holdings, concealing poor fund performance and attract and retain investors.

The SEC filed a complaint against Majidi, Dole, and other traders in May 2018. It accused them of various violations such as securities fraud, aiding, abetting, and violations under the Investment Advisers Act. In May 2018, the SEC charged Premium Point and its CEO Anilesh Ohuja, as well as another trader with fraud. Dole was added to the list of defendants later. In September of 2022, SEC won a consent final judgment against Premium Point and Ahuja. Ahuja received injunctions, and the SEC also imposed a civil fine.

Preethi K. Krishnamurthy was the co-regional trial counsel for New York Regional Office. Assistant Regional Directors Lee Greenwood, Joshua Brodsky and Preethi K. Krishnamurthy led SEC litigation. The Division of Enforcement’s Complex Financial Instruments and Asset Management Units conducted an investigation under the supervision of Osman Nawaz. Chief of Complex Financial Instruments Unit.

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Securities and Exchange Commission is an agency of the United States government that regulates and supervises the securities industry. Its primary objective is to protect investors and maintain fair, efficient, and transparent markets.

The SEC enforces federal security laws that require companies to disclose accurate and timely information. The SEC ensures that businesses disclose all relevant financial and business data to potential investors in order to prevent fraud and misleading practices. SEC also regulates exchanges, brokers and investment advisors as well as other market participants in order to ensure compliance.

The SEC also plays an important role in enforcing the insider trading laws and investigating and prosecuting illegal trading cases based on information that is not public. It also monitors the mutual fund, investment company, and other investments vehicles’ activities to protect investors.

SEC inspects, examines and enforces securities laws. The SEC has the power to take civil enforcement actions and impose fines. It can also pursue criminal charges in serious cases.

The SEC has a mission to promote economic growth, maintain fair and transparent markets and protect investors against fraud.

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