Anilesh Ahuja, the co-founder of hedge fund Premium Point Investments and a former trader Jeremy Shor at the firm have pleaded guilty to fraud while working at the the now-defunct business, according to a report by Bloomberg.
Neither will serve time in prison though, despite admitting that they overstated the fund’s asset values by more than $100 million and having been sentenced to a jail term in 2019.
The pair had been facing a retrial after US District Judge Katherine Polk Failla in Manhattan overturned their convictions in December because of errors and misleading statements given by prosecutors. They avoided prison, a fine, and probation by agreeing to plead guilty to a single securities fraud count.
Ahuja was originally sentenced to serve over four years in prison and Shor nearly three-and-a-half.
