Scaramucci’s SkyBridge Capital sues hedge fund firm over millions in losses
Hedge fund investment fund SkyBridge Capital is suing Premium Point Investments over claims that it lost nearly $80 million after it overstated the value of its hedge fund assets, Anthony Scaramucci told FOX Business on Tuesday.
SkyBridge, which was founded by Scaramucci, stated that the investment service inflated its hedge fund assets by $200 million using false broker quotes that artificially inflated the price of bonds, Reuters reported.
“These guys in our opinion mismarked their positions,” Scaramucci told Maria Bartiromo on “Mornings with Maria.” “They didn’t just do it to us, we were an investor of theirs – they did it to many different people…We are fiduciaries for our clients.”
Scaramucci returned to SkyBridge in the spring after just 10-days as Trump’s White House communications director, the shortest stint in history.
Premium Point’s founder Anilesh Ahujua and a former member of the firm in May plead guilty to mismarking securities held by the firm’s hedge fund, as detailed by U.S. Attorney’s Office in the Southern District of New York. The duo is cooperating with the government.
Investors recovered $300.5 million of the $365.9 million and incurred $14 million more in damages from lost investment profits, according to SkyBridge as first reported by Reuters.
Premium Point did not immediately respond to FOX Business’s request for comment.
The firm filed for bankruptcy in March.