SEC v. PREMIUM POINT INVESTMENTS LP; ANILESHA AHUJA a/k/a NEIL AHUJA; AMIN MAJIDI; JEREMY SHOR; ASHISH DOLE; and FRANK DINUCCI, JR., No. 1:18-cv-04145, Southern District of New York (Nov. 8, 2023) — Judgment

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff,
v.
PREMIUM POINT INVESTMENTS LP,
ANILESHA AHUJA a/k/a NEIL AHUJA, AMIN
MAJIDI, JEREMY SHOR, ASHISH DOLE, and
FRANK DINUCCI, JR.,
Defendants.
18 Civ. 4145 (JPC)
[PROPOSED] FINAL JUDGMENT AS TO DEFENDANT JEREMY SHOR
The Securities and Exchange Commission (the “Commission”) having filed an Amended
Complaint and Defendant Jeremy Shor (“Defendant”) having entered a general appearance;
consented to the Court’s jurisdiction over Defendant and the subject matter of this action;
consented to entry of this Final Judgment; waived findings of fact and conclusions of law; and
waived any right to appeal from this Final Judgment:
I.
IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is
permanently restrained and enjoined from violating, directly or indirectly, Section 10(b) of the
Securities Exchange Act of 1934 (the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rules 10b-5(a)
and (c) promulgated thereunder [17 C.F.R. §§ 240.10b-5(a) and (c)], by using any means or
instrumentality of interstate commerce, or of the mails, or of any facility of any national securities
exchange, in connection with the purchase or sale of any security:
(a)to employ any device, scheme, or artifice to defraud; or
(b)to engage in any act, practice, or course of business which operates or would
operate as a fraud or deceit upon any person.

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IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal
Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive
actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s officers,
agents, servants, employees, and attorneys; and (b) other persons in active concert or participation
with Defendant or with anyone described in (a).
II.

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is
permanently restrained and enjoined from violating Sections 17(a)(1) and (3) of the Securities Act
of 1933 (the “Securities Act”) [15 U.S.C. §§ 77q(a)(1) and (3)] in the offer or sale of any security
by the use of any means or instruments of transportation or communication in interstate commerce
or by use of the mails, directly or indirectly:
(a) to employ any device, scheme, or artifice to defraud; or

(b) to engage in any transaction, practice, or course of business which operates or
would operate as a fraud or deceit upon the purchaser.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal
Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive
actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s officers,
agents, servants, employees, and attorneys; and (b) other persons in active concert or participation
with Defendant or with anyone described in (a).
III.
IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is
permanently restrained and enjoined from violating Sections 206(1) and (2) of the Investment
Advisers Act of 1940 (the “Advisers Act”) [15 U.S.C. §§ 80b-6(1) and 80b-6(2)] from, while

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acting as investment advisers, by the use of any means or instruments of interstate commerce,
directly or indirectly:
(a) employing any device, scheme, or artifices to defraud any client or prospective
client; and
(b) to engage in any transaction, practice, or course of business which operates as a
fraud or deceit upon any client or prospective client.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal
Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive
actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s officers,
agents, servants, employees, and attorneys; and (b) other persons in active concert or participation
with Defendant or with anyone described in (a).
IV.
IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is
permanently restrained and enjoined from violating, directly or indirectly, Advisers Act Section
206(4) [15 U.S.C. § 80b-6(4)] and Rule 206(4)-8(a)(2) [17 C.F.R. § 275.206(4)-8(a)(2)]
promulgated thereunder by, while acting as an investment adviser to a pooled investment vehicle,
engaging in any act, practice, or course of business that is fraudulent, deceptive, or manipulative
with respect to any investor or prospective investor in the pooled investment vehicle.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal
Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive
actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s officers,
agents, servants, employees, and attorneys; and (b) other persons in active concert or participation
with Defendant or with anyone described in (a).

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V.

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that, based on
Defendant’s sworn representations in his Statement of Financial Condition dated May 30, 2023,
and other documents and information submitted to the Commission, the Court is not ordering
Defendant to pay a civil penalty.  The determination not to impose a civil penalty is contingent
upon the accuracy and completeness of Defendant’s Statement of Financial Condition.  If at any
time following the entry of this Final Judgment the Commission obtains information indicating that
Defendant’s representations to the Commission concerning his assets, income, liabilities, or net
worth were fraudulent, misleading, inaccurate, or incomplete in any material respect as of the time
such representations were made, the Commission may, at its sole discretion and without prior
notice to Defendant, petition the Court for an order requiring Defendant to pay the maximum civil
penalty allowable under the law.  In connection with any such petition, the only issue shall be
whether the financial information provided by Defendant was fraudulent, misleading, inaccurate,
or incomplete in any material respect as of the time such representations were made.  In its
petition, the Commission may move this Court to consider all available remedies, including, but
not limited to, ordering Defendant to pay funds or assets, directing the forfeiture of any assets, or
sanctions for contempt of this Final Judgment.  The Commission may also request additional
discovery.  Defendant may not, by way of defense to such petition:  (1) challenge the validity of
the Consent or this Final Judgment; (2) contest the allegations in the Amended Complaint filed by
the Commission; (3) assert that payment of a civil penalty should not be ordered; (4) contest the
imposition of the maximum civil penalty allowable under the law; or (5) assert any defense to
liability or remedy, including, but not limited to, any statute of limitations defense.

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VI.
IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that the Consent
is incorporated herein with the same force and effect as if fully set forth herein, and that Defendant
shall comply with all of the undertakings and agreements set forth therein.
VII.
IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that, solely for
purposes of exceptions to discharge set forth in Section 523 of the Bankruptcy Code, 11 U.S.C. §
523, the allegations in the Amended Complaint are true and admitted by Defendant, and further,
any debt for disgorgement, prejudgment interest, civil penalty or other amounts due by Defendant
under this Final Judgment or any other judgment, order, consent order, decree or settlement
agreement entered in connection with this proceeding, is a debt for the violation by Defendant of
the federal securities laws or any regulation or order issued under such laws, as set forth in Section
523(a)(19) of the Bankruptcy Code, 11 U.S.C. § 523(a)(19).
VIII.
IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that this Court
shall retain jurisdiction of this matter for the purposes of enforcing the terms of this Final
Judgment.
IX.
There being no just reason for delay, pursuant to Rule 54(b) of the Federal Rules of Civil
Procedure, the Clerk is ordered to enter this Final Judgment forthwith and without further notice.
Dated:  , 2023
HON. JOHN P. CRONAN
UNITED STATES DISTRICT JUDGE
November 7

1

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

SECURITIES AND EXCHANGE COMMISSION,

                                          Plaintiff,

                               v.

PREMIUM POINT INVESTMENTS LP,
ANILESHA AHUJA a/k/a NEIL AHUJA, AMIN
MAJIDI, JEREMY SHOR, ASHISH DOLE, and
FRANK DINUCCI, JR.,

                                          Defendants.

18 Civ. 4145 (JPC)

CONSENT OF DEFENDANT JEREMY SHOR

1. Defendant Jeremy Shor (“Defendant”) acknowledges having been served with the
Amended Complaint in this action, enters a general appearance, and admits the Court’s jurisdiction
over Defendant and over the subject matter of this action.
2. Defendant pleaded guilty to criminal conduct relating to certain matters alleged in
the Amended Complaint in this action.  Specifically, in United States v. Ahuja, et al., 18 Cr. 328
(KPF) (S.D.N.Y.), Defendant pleaded guilty to one count of securities fraud [15 U.S.C. §§ 78j(b)
and 78ff; 17 C.F.R. § 240.10b-5].  In connection with that plea, Defendant admitted the facts set
out in the transcript of his plea allocution that is attached as Exhibit A to this Consent.
3. Defendant hereby consents to the entry of the final Judgment in the form attached
hereto (the “Final Judgment”) and incorporated by reference herein, which, among other things,
permanently restrains and enjoins Defendant from violations of Section 10(b) of the Securities
Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78j(b)] and Rules 10b-5(a) and (c)
thereunder [17 C.F.R. §§ 240.10b-5(a) and (c)], Sections 17(a)(1) and 17(a)(3) of the Securities
Act of 1933 (“Securities Act”) [15 U.S.C. §§ 77q(a)(1) and (3)]; and Sections 206(1), (2), and (4)

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of the Investment Advisers Act of 1940 (“Advisers Act”) [15 U.S.C. §§ 80b-6(1), 80b-6(2), and
80b-6(4)] and Rule 206(4)-8(a)(2) thereunder [17 C.F.R. § 275.206(4)-8(a)(2)].
4. Defendant acknowledges that the Court is not imposing a civil penalty based on
Defendant’s sworn representations in Defendant’s Statement of Financial Condition dated May 30,
2023, and other documents and information submitted to the Commission.  Defendant further
consents that if at any time following the entry of the Final Judgment the Commission obtains
information indicating that Defendant’s representations to the Commission concerning Defendant's
assets, income, liabilities, or net worth were fraudulent, misleading, inaccurate, or incomplete in
any material respect as of the time such representations were made, the Commission may, at its
sole discretion and without prior notice to Defendant, petition the Court for an order requiring
Defendant to pay the maximum civil penalty allowable under the law.  In connection with any such
petition, the only issue shall be whether the financial information provided by Defendant was
fraudulent, misleading, inaccurate, or incomplete in any material respect as of the time such
representations were made.  In any such petition, the Commission may move the Court to consider
all available remedies, including but not limited to ordering Defendant to pay funds or assets,
directing the forfeiture of any assets, or sanctions for contempt of the Court’s Final Judgment.  The
Commission may also request additional discovery.  Defendant may not, by way of defense to such
petition:  (1) challenge the validity of this Consent or the Final Judgment; (2) contest the
allegations in the Amended Complaint; (3) assert that payment of a civil penalty should not be
ordered; (4) contest the imposition of the maximum civil penalty allowable under the law; or (5)
assert any defense to liability or remedy, including but not limited to any statute of limitations
defense.
5. Defendant waives the entry of findings of fact and conclusions of law pursuant to
Rule 52 of the Federal Rules of Civil Procedure.

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6. Defendant waives the right, if any, to a jury trial and to appeal from the entry of the
Final Judgment.
7. Defendant enters into this Consent voluntarily and represents that no threats, offers,
promises, or inducements of any kind have been made by the Commission or any member, officer,
employee, agent, or representative of the Commission to induce Defendant to enter into this
Consent.
8. Defendant agrees that this Consent shall be incorporated into the Final Judgment
with the same force and effect as if fully set forth therein.
9. Defendant will not oppose the enforcement of the Final Judgment on the ground, if
any exists, that it fails to comply with Rule 65(d) of the Federal Rules of Civil Procedure, and
hereby waives any objection based thereon.
10. Defendant waives service of the Final Judgment and agrees that entry of the Final
Judgment by the Court and filing with the Clerk of the Court will constitute notice to Defendant of
its terms and conditions.  Defendant further agrees to provide counsel for the Commission, within
thirty days after the Final Judgment is filed with the Clerk of the Court, with an affidavit or
declaration stating that Defendant has received and read a copy of the Final Judgment.
11. Consistent with 17 C.F.R. § 202.5(f), this Consent resolves only the claims asserted
against Defendant in this civil proceeding.  Defendant acknowledges that no promise or
representation has been made by the Commission or any member, officer, employee, agent, or
representative of the Commission with regard to any criminal liability that may have arisen or may
arise from the facts underlying this action or immunity from any such criminal liability.  Defendant
waives any claim of Double Jeopardy based upon the settlement of this proceeding, including the
imposition of any remedy or civil penalty herein.  Defendant further acknowledges that the Court’s
entry of a permanent injunction may have collateral consequences under federal or state law and

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the rules and regulations of self-regulatory organizations, licensing boards, and other regulatory
organizations.  Such collateral consequences include, but are not limited to, a statutory
disqualification with respect to membership or participation in, or association with a member of, a
self-regulatory organization.  This statutory disqualification has consequences that are separate
from any sanction imposed in an administrative proceeding.  In addition, in any disciplinary
proceeding before the Commission based on the entry of the injunction in this action, Defendant
understands that he shall not be permitted to contest the factual allegations of the Amended
Complaint in this action.
12. Defendant understands and agrees to comply with the terms of 17 C.F.R. § 202.5(e),
which provides in part that it is the Commission’s policy “not to permit a defendant or respondent
to consent to a judgment or order that imposes a sanction while denying the allegations in the
complaint or order for proceedings.”  As part of Defendant’s agreement to comply with the terms
of Section 202.5(e), Defendant acknowledges the guilty plea for related conduct described in
paragraph 2 above, and: (i) will not take any action or make or permit to be made any public
statement denying, directly or indirectly, any allegation in the Amended Complaint or creating the
impression that the Amended Complaint is without factual basis; (ii) will not make or permit to be
made any public statement to the effect that Defendant does not admit the allegations of the
Amended Complaint, or that this Consent contains no admission of the allegations, without also
stating that Defendant does not deny the allegations; (iii) upon the filing of this Consent, Defendant
hereby withdraws any papers filed in this action to the extent that they deny any allegation in the
Amended Complaint; and (iv) stipulates solely for purposes of exceptions to discharge set forth in
Section 523 of the Bankruptcy Code, 11 U.S.C. § 523, that the allegations in the Amended
Complaint are true, and further, that any debt for disgorgement, prejudgment interest, civil penalty
or other amounts due by Defendant under the Final Judgment or any other judgment, order,

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consent order, decree or settlement agreement entered in connection with this proceeding, is a debt
for the violation by Defendant of the federal securities laws or any regulation or order issued under
such laws, as set forth in Section 523(a)(19) of the Bankruptcy Code, 11 U.S.C. § 523(a)(19).  If
Defendant breaches this agreement, the Commission may petition the Court to vacate the Final
Judgment and restore this action to its active docket.  Nothing in this paragraph affects
Defendant’s: (i) testimonial obligations; or (ii) right to take legal or factual positions in litigation or
other legal proceedings in which the Commission is not a party.
13. Defendant hereby waives any rights under the Equal Access to Justice Act, the
Small Business Regulatory Enforcement Fairness Act of 1996, or any other provision of law to
seek from the United States, or any agency, or any official of the United States acting in his or her
official capacity, directly or indirectly, reimbursement of attorney’s fees or other fees, expenses, or
costs expended by Defendant to defend against this action.  For these purposes, Defendant agrees
that Defendant is not the prevailing party in this action since the parties have reached a good faith
settlement.
14. Defendant agrees to waive all objections, including but not limited to,
constitutional, timeliness, and procedural objections, to the administrative proceeding that will be
instituted when the Final Judgment is entered.
15. Defendant agrees that the Commission may present the Final Judgment to the Court
for signature and entry without further notice.

Exhibit A

1
          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300
M4MBAHUP
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
------------------------------x

UNITED STATES OF AMERICA,

           v.                           18 Cr. 328 (KPF)

ANILESH AHUJA and JEREMY SHOR,

               Defendants.
                                        Sentence
------------------------------x

                                        New York, N.Y.
                                        April 22, 2022
                                        11:00 a.m.

Before:

HON. KATHERINE POLK FAILLA,

                                        District Judge

APPEARANCES

DAMIAN WILLIAMS
     United States Attorney for the
     Southern District of New York
BY:  ANDREA M. GRISWOLD
     DANIEL M. GITNER
     Assistant United States Attorneys

PAUL, WEISS, RIFKIND, WHARTON & GARRISON, LLP (NYC)
     Attorneys for Defendant Ahuja
BY:  RICHARD C. TARLOWE
     ROBERTO FINZI
       -AND-
PAUL WEISS (NY)
     Attorneys for Defendant Ahuja
BY:  DAVID FRIEDMAN

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300
M4MBAHUP
             APPEARANCES (Continued)

KIRKLAND & ELLIS LLP (NYC)
     Attorneys for Defendant Ahuja
BY:  JOHN P. DEL MONACO

WEDDLE LAW PLLC
     Attorneys for Defendant Shor
BY:  JUSTIN S. WEDDLE
     JULIA I. CATANIA

Also Present: Todd Kaneshiro, FBI Special Agent

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300
M4MBAHUP
(Case called)
MS. GRISWOLD:  Good morning, your Honor.
Andrea Griswold for the government.
Mr. Gitner will introduce himself.  We are also joined
by Special Agent Todd Kaneshiro.
MR. GITNER:  Good morning, your Honor.
David Gitner for the government.
THE COURT:  Good morning.  Thank you. We have a number
of folks introducing themselves.
Mr. Tarlowe, I'll begin with you being you were the
first to stand.
MR. TARLOWE:  Yes, your Honor.
Richard Tarlowe and Roberto Finzi on behalf of
Mr. Ahuja.  Mr. Ahuja is here as well, and we're also joined by
our colleague David Friedman, as well as John Del Monaco from
Kirkland & Ellis.
THE COURT:  Good morning to each of you.
Mr. Ahuja, good morning to you, sir.
DEFENDANT AHUJA:  Good morning, your Honor.
THE COURT:  Mr. Weddle.
MR. WEDDLE:  Good morning, your Honor.
Justin Weddle and Julia Catania from Weddle Law PLLC,
and I'm sitting next to my client Mr. Shor.
THE COURT:  Thank you.  Mr. Shor, good morning to you
as well.
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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300
M4MBAHUP
I appreciate you all wearing masks because of your
proximity to each other.  I'm far enough away from you that I'm
not wearing one.
Let me talk to you first about a first couple of
housekeeping matters, please.  With the masks and with a
recent, I'll put in quotes, upgrade to the technology of this
courtroom, it is sometime difficult to hear what's going on.
If you find it easier to remain seated when you are speaking
with me, that's fine by me, just please bring the microphone
close to you.
Mr. Tarlowe and Mr. Finzi, it was my expectation that
I would be conducting a plea proceeding at the same time as to
both defendants.
Is that your understanding as well?
MR. TARLOWE:  Yes, your Honor.  We think that makes
sense.
THE COURT:  Mr. Weddle, the same?
MR. WEDDLE:  Yes, your Honor.
THE COURT:  All right.  As many hundreds of pleas as I
have done as a judge and a prosecutor, this is my first
11(c)(1)(C) plea.  And in hoping to get it right, I looked at
some past ones and only found a transcript to one.  In that
case, the sentencing was all one just paragraph where the judge
just said, all right, basically go forward and say no more.
I'd like to have a sense from the parties as to degree
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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300
M4MBAHUP
to which I am speaking about the requirements of Rule 32 of the
Federal Rules of Criminal Procedure.  For example, there have
been PSRs prepared.  I believe there will be at least some to
them, and there will be certainly modifications to the
judgments in this case.  But if I can be colloquial with you,
how much Rule 32 do you want at sentencing?
For example, am I inquiring as to your client's
respective reviews of the PSR?  Will there be written -- or
excuse me, oral sentencing statements to me, or will the
parties be simply incorporating that which they said to me at
the original sentencing, plus whatever is embodied in the
respective plea agreement?
I just want to know because I don't want to -- I want
to do this correctly, and I know how to do a sentencing, but
this is an unusual sentencing to do.
Ms. Griswold, what is the government's contemplation
of what sentencing looks like in this case?
MS. GRISWOLD:  Thank you, your Honor.
We believe that the Court can rely on the record from
the prior proceeding and that we don't need a fulsome Rule 32
inquiry, so long as the defendants are in agreement with that
and are not requesting the inquiry be done again.  And we would
not expect to be advocating or arguing at length as to the
sentencing.
THE COURT:  At all?
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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300
M4MBAHUP
MS. GRISWOLD:  If your Honor would indulge us, we have
a very brief statement that I believe Mr. Gitner will offer
when we get there.
THE COURT:  I will keep that in mind.  Thank you.
Mr. Tarlowe, I should have asked.  You just happen to
be in my line of vision.  Am I directing the questions to you
or Mr. Finzi this morning?
MR. WEDDLE:  I think to me, your Honor.
THE COURT:  Thank you, then I just have, towards
sentencing?
MR. TARLOWE:  We're in agreement with the government.
We think it's appropriate for the Court to rely on the existing
record, and we don't think there's any need, unless the Court
has questions, which obviously we're happy to address, but
absent any additional questions, we don't think there's a need
to supplement the current record.
THE COURT:  Thank you.
Mr. Weddle.
MR. WEDDLE:  I agree with Mr. Tarlowe's position on
this.  And of course, I've spoken to Mr. Shor and he
understands he has a right to be heard, and our plan is to have
him not be heard here at the sentencing proceeding.  I think
we'll have to see what the government's statement is with
respect to sentencing, but we were planning to say nothing
beyond what's already in the record, your Honor.
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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300
M4MBAHUP
THE COURT:  Understood.  Perhaps what I'll do then is
I'll simply give you and your respective clients an opportunity
to be heard, understanding that you may waive that right.  And
I will ask for your assistance, it would be my preference to do
this particular proceeding once and not twice.  I imagine you
have the same views, so working together I'm sure we will get
this right.
Mr. Tarlowe, may I speak directly with your client?
MR. WEDDLE:  Yes, of course, your Honor.
THE COURT:  Thank you.
And, Mr. Weddle, may I speak directly with your
client?
MR. WEDDLE:  Yes, your Honor.
THE COURT:  Thank you.  I appreciate your standing.
Mr. Ahuja, begin withing you.  It is my understanding,
sir, that today you wish to enter a plea of guilty to Count
Three of the indictment in this case which charges you with
securities fraud.
It is that correct, sir?
DEFENDANT AHUJA:  Yes, it is.
THE COURT:  And that plea today, I understand, is
going to be entered pursuant to a plea agreement with the
government.  Is that also correct?
DEFENDANT AHUJA:  Yes.
THE COURT:  Thank you.  You're welcome to be seated.
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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300
M4MBAHUP
Mr. Shor, the same two questions.  You and I both know
about the trial.  We were both there.  It is my understanding,
sir, that in lieu of a second trial in this case, it is your
wish today to plead to Count Three of the indictment charging
you with securities fraud.  Am I correct
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  And, Mr. Shor, is that plea entered
pursuant to a plea agreement?  It will be entered pursuant to a
written plea agreement with the government.
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  You're also welcome to be seated.
Gentleman, before I can accept your guilty pleas, I need to you
ask a series of questions.
Let me speak to you about what purposes generally
these questions serve.  The first thing that I would like to do
is to ensure that you are competent to enter a plea of guilty,
that you can see and hear and understand what is going on in
this courtroom.
After that, I would like to review with you the rights
that you have and that you would be waiving or giving up by
entering a guilty plea.  I'd like to speak to you about the
charge to which each of you proposes to plead guilty, and the
defenses -- excuse me, the penalties associated with that
charge, and then I intend to ask each of you what it is you did
that makes you believe that you are guilty of this offense.
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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300
M4MBAHUP
What I'd like to underscore today, because I know you
all for so many years, I think I can say this easily, most
important thing is that you understand what is happening in
this courtroom.  If any question that I ask you is confusing or
if for any reason either of you wishes to speak with your
attorney, just let me know and we'll pause and we'll take
whatever time you need to be clear as to the question that I'm
asking or the response that you wish to give.
If I don't hear from you, I will understand that you
are understanding my question and are prepared to answer.
What I'm going to do now is I'm going to have my
deputy Ms. Noriega swear both of you in. Thank you.
(Defendants sworn)
THE DEPUTY CLERK:  Mr. Ahuja, please state and spell
your full name.
DEFENDANT AHUJA:  Anilesh Ahuja, A-N-I-L-E-S-H,
A-H-U-J-A.
THE DEPUTY CLERK:  Thank you.
Mr. Shor, please state and spell your full name.
DEFENDANT SHOR:  Jeremy Andrew Shor, J-E-R-E-M-Y,
A-N-D-R-E-W, last name Shor, S-H-O-R.
THE COURT:  Mr. Ahuja and Mr. Shor, the significance
of my having placed you under oath is that if you answer any of
the questions that I'm about to ask you falsely, you may be
prosecuted for a separate offense known as perjury.
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As I hinted at I hope at the beginning of this
proceeding, my intent is to ask these questions once and then
turn to each of you.
And Mr. Shor, I know you'll take no offense, I'm
looking at Mr. Ahuja first because he's on my left.  If the
roles were reversed, I'd look at you first.  I really don't
think you care enough being the first or second person to
answer, and I appreciate you nodding that you do not.
Mr. Ahuja, do you understand the significance of being
placed under oath?
DEFENDANT AHUJA:  Yes.
THE COURT:  Mr. Shor?
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  And again, I take no offense if you wish
to remain seated, so long as the microphones are brought closer
to you.  I will let you decide what is most comfortable for
you.  All that I care about and that the reporter cares about
is that we hear you.
Mr. Ahuja, how old are you?
DEFENDANT AHUJA:  Fifty-four.
THE COURT:  How far did you go in school, sir?
DEFENDANT AHUJA:  I have undergrad degree in
economics.
THE COURT:  Mr. Shor, how old are you, sir?
DEFENDANT SHOR:  I'm 50 years old.
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THE COURT:  And how far did you go in school, sir?
DEFENDANT SHOR:  I have a Ph.D.
THE COURT:  This question or this discussion is really
directed more to counsel.  Counsel, in connection with each of
the sentencings in this case, I was given information about
medical and/or mental health issues regarding each of the
defendants in this case.
Assuming you agree, I would not actually require them
to site any condition they may have on the record.  What I
would do instead is to recognize that I have looked at and
refreshed my recollection as to any medical or mental health
conditions they may have cited to me in connection with their
sentencing, and simply to ask whether as a result of those
conditions or any medication they are taking for them, they
have any difficulty seeing, hearing or understanding.
Mr. Tarlowe, is that acceptable to you?
MR. TARLOWE:  Yes, your Honor, it is.
THE COURT:  Mr. Weddle?
MR. WEDDLE:  Yes, your Honor.
THE COURT:  Thank you.
Mr. Ahuja, you know about any medical or mental health
conditions that you may have and the medications that you are
taking for them.  My question to you this morning, sir, is
whether any of those conditions or the medications you may take
for them causes you any difficulty in seeing or hearing or
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understanding these proceedings?
DEFENDANT AHUJA:  No, your Honor.
THE COURT:  Mr. Shor, the same question.  Is there any
condition that you have or medication that you are taking that
impairs in any way your ability to see or hear or understand
these proceedings?
DEFENDANT SHOR:  No, your Honor.
THE COURT:  Mr. Ahuja, have you ever been treated or
hospitalized for any form of addiction, including drug or
alcohol addiction?
DEFENDANT AHUJA:  No, your Honor.
THE COURT:  Mr.  Shor?
DEFENDANT SHOR:  I have, your Honor.
THE COURT:  And is there anything about -- right now
today, is there anything about any treatment protocol you may
have received in the past that would impair your ability to
see, to hear or to understand what is happening today?
DEFENDANT SHOR:  There is not, your Honor.
THE COURT:  Thank you.
Mr. Ahuja, in the past two days, have you taken any
drug or medicine or pill that would impair your ability to
understand these proceedings?
DEFENDANT AHUJA:  No, your Honor.
THE COURT:  Mr. Shor, the same question?
DEFENDANT SHOR:  No, your Honor.
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THE COURT:  Mr. Ahuja, is your mind clear this
morning, sir?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  You understand what is happenings in these
proceedings?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor, is your mind clear today, sir?
DEFENDANT SHOR:  Crystal, your Honor.
THE COURT:  And, sir, do you understand what is
happening in these proceedings?
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  Mr. Tarlowe, have you had a sufficient
opportunity along with your colleagues to discuss this matter
with Mr. Ahuja?
MR. TARLOWE:  Yes, your Honor, we have.
THE COURT:  Do you believe he understands the rights
that he has and would be waiving by entering a plea of guilty?
MR. TARLOWE:  Yes.
THE COURT:  Do you believe him capable of
understanding the nature of these proceedings?
MR. TARLOWE:  Yes.
THE COURT:  Mr. Tarlowe, do you have any doubt as to
Mr. Ahuja's competence to enter a plea of guilty if that's what
he wishes to do?
MR. TARLOWE:  No, your Honor.
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THE COURT:  Mr. Weddle, have you had a sufficient
opportunity along with your colleague to discuss this matter
with Mr. Shor?
MR. WEDDLE:  Yes, your Honor.
THE COURT:  Do you believe he understands the rights
that he has and would be waiving by entering a plea of guilty?
MR. WEDDLE:  Yes, your Honor.
THE COURT:  Do you believe he is capable of
understanding these proceedings?
MR. WEDDLE:  Yes, your Honor.
THE COURT:  If your client wishes to plead guilty, do
you have any doubt as to his competence to do so?
MR. WEDDLE:  I do not, your Honor.
THE COURT:  Ms. Griswold, do you have any doubt as to
either defendants' competence to plead guilty if he wishes to
do so?
MS. GRISWOLD:  I do not.
THE COURT:  Mr. Ahuja and Mr. Shor, based on our
discussions this morning, which would include both your answers
to my questions and my observations of your demeanor here in
court, and based as well on the conversations that I've had
with your attorneys and with the attorney for the government, I
find that you are fully competent to enter an informed plea of
guilty if you wish to do so.
I'm going to ask you a few questions about the
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indictment in this case.  And let me explain to both of you
that from time to time I will be asking about discussions that
you've had with your attorney.
When I do so, I'm not asking for the details of those
communications.  I'm not trying at all to invade the
attorney/client privilege.  What I'm doing is trying to ensure
that certain topic matters were covered by your attorney with
you, so please keep that in mind when I ask these questions.
I begin by asking, Mr. Ahuja, have you read the
indictment in this case?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor?
DEFENDANT SHOR:  I have, your Honor.
THE COURT:  And have you, Mr. Ahuja, had the
sufficient opportunity to speak with your attorney about the
charge to which you intend to plead guilty and any defenses
that you may have to that charge?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor?
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  Without giving me the details of the
communication, has your attorneys explained to you the
consequences of entering a plea of guilty?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  Yes, your Honor.
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THE COURT:  Are you satisfied with your attorneys'
representation of you in this matter?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  What I will do now, gentleman, is to speak
with you about certain Constitutional rights that you have and
that you would be waiving or giving up by entering a guilty
plea.
I appreciate your attention thus far, and I imagine
you will continue to pay attention, and please let me know if
there's anything that is unclear or any reason why you wish to
speak with your attorneys before answering.
Under the Constitution and laws of the United States,
you have the right to continue with your plea of not guilty to
all of the charges contained in the indictment.
Do you understand that, Mr. Ahuja?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor?
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  If you continued with your plea of not
guilty, you would be entitled to a speedy and public trial by a
jury on the charges contained in the indictment in this case.
Do you understand that, sir?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  Yes, your Honor.
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THE COURT:  At a trial, you would be presumed to be
innocent, and the government would be required to prove you
guilty by competent evidence beyond a reasonable doubt before
you could be found guilty.
Do you understand that, sir?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  A jury of 12 people would have to agree
unanimously that you were guilty of the offenses charged in the
indictment.  You would not have to prove that you were innocent
if you were to proceed to trial.
Do you understand that?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  At a trial and at every stage of your
prosecution, you are entitled to the assistance of an attorney.
If and to the extent that you cannot afford one, one would be
appointed for you at public expense, free of cost to you in
order to represent you.
Do you understand that?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  At a trial, the witnesses for the
government would have to come to court and testify in your
presence.  Your attorney could cross-examine the witnesses for
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the government.  Your attorneys could object to evidence
offered by the government, and they could offer evidence on
your behalf if you wanted them to do so.
You would also have the right to have subpoenas issued
or other documents or process used in order to compel witnesses
to testify in your defense.
Do you understand that?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  At a trial, you would have a right to
testify if you wanted to do so, and you would have the right
not to testify if you wanted not to do so.
If you decided not to testify, no one, including the
jury, could draw any inference or suggestion of guilt from your
decision not to testify.
Do you understand that?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  Another consequence of entering a guilty
plea in this particular fashion is that you waive or give up
your right to seek suppression or exclusion of the government's
evidence against you.  Are you aware of that?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  Have you had a sufficient opportunity to
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discuss with your attorneys whether there is a basis to seek
suppression of part or all of the government's evidence against
you?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  Do you understand that if you were
convicted after a trial, you would have the right to appeal
from the jury's verdict?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  Do you understand also that even now as
you are entering this guilty plea, you have the right to change
your mind and to proceed with your previously entered pleas of
not guilty and to go to trial on the charges contained in this
indictment?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  If you plead guilty and if I accept your
guilty plea, you will give up your right to trial and the other
rights that I've been discussing with you, other than your
right to an attorney, because you have the right to an attorney
whether you plead guilty or go to trial.
But if you plead guilty and if I accept your guilty
plea, there will be no trial and I will enter a judgment of
guilty, and I will sentence you based on your plea today and
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whatever discussions we have regarding the sentencing
proceedings today.
Mr. Ahuja, do you understand that?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  If you plead guilty, there is also a
degree to which you will have to give up your right not to
incriminate yourself, because I will ask you questions later in
this proceeding to confirm for myself that you are pleading
guilty because you are in fact guilty of this offense charged
in Count Three and not for some other reason.  You will have to
admit and acknowledge your guilt of the offense charged in
Count Three.
Do you understand that?
DEFENDANT AHUJA:  Yes, your Honor.
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  Mr. Ahuja, do you understand the rights
that I have been discussing with you for the past few minutes?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Is it your wish today to give up your
right for trial and the other rights that I've been discussing
with you and enter a plea of guilty?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor, do you understand each of the
rights that I've been discussing with you?
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DEFENDANT SHOR:  I do, your Honor.
THE COURT:  Is it your wish today, sir, to give up
your right to trial and the other rights that I've been
discussing with you and enter a plea of guilty to Count Three
of the indictment.
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  I'm now speaking to both of you.  You are
charged in Count Three with securities fraud, and that is in
violation of Title 15, United States Code, Sections 78j(b) and
78ff, Title 17, Code of Federal Regulations, Section
240.10(b)(5), and Title 18, United States Code, Section 2. I
ask you to listen to me now because I'm going to outline for
you the elements of offense of securities fraud.
If this case were to proceed to trial, the government
would have to prove the following elements beyond a reasonable
doubt:
First, that in connection with the purchase or sale of
securities, you employed a scheme, device or artifice to
defraud or made an untrue statement of a material fact or
omitted to state a material fact which made what was said under
the circumstances misleading, or engaged in an act, practice or
course of business that operated or would operate as a fraud or
deceit upon a purchaser or seller.
Second, that you acted knowingly, willfully and with
the intent to defraud; and third, that you knowingly used or
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caused to be used any means or instruments of transportation or
communication in interstate commerce or the use of the mails in
furtherance of the fraudulent conduct.
The government would also be required to prove venue
by a preponderance of the evidence.
Do you understand, Mr. Ahuja, that if you were to go
to trial, that is what the government would have to prove at
trial?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor?
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  What I would like to do now, gentleman, is
to speak to you about the maximum possible penalties that are
associated with Count Three of the indictment, and I'm using
the term "maximum" deliberately.  I mean the most that could
possibly be imposed.  This is not to suggest that this is what
you're necessarily going to receive, but I just want to make
sure you understood what the maximum penalties were.  And I'm
going to begin by discussing possible restrictions on your
liberty.
The maximum term of imprisonment for the offense
charged in Count Three is 20 years imprisonment.
Do you understand that, Mr. Ahuja?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor, do you understand that?
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DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  Any term of imprisonment could be followed
by a term of up to three years of supervised release, and let
me just explain to you both what I mean when I use the term
"supervised release."  It is a period of time where one is
subject to supervision by the United States probation office.
There would be terms and conditions of supervised release that
one would have to follow.
If the person were to violate the terms and conditions
of supervised release, the possibility exists that that person
could be sent to prison without a jury trial to serve time on
the violation of supervised release.  If that were the case,
they would get no credit for the time that had served on any
prior prison sentence.  They would get no credit for time spent
on post-release supervision in compliance with the terms of
supervised release.
Mr. Ahuja, do you understand what I'm saying on the
concept of supervised release?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor?
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  Please understand as well, there is no
parole in the federal system.  If you were sentence to a term
of imprisonment, you would not be released early on parole.
There is an opportunity to earn credit for good behavior and
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that amount tends to vary, so I say as an average that for
terms of imprisonment, one would have to serve approximately 85
percent of the term to which they are sentenced.
Mr. Ahuja, do you understand that?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor?
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  In addition to potential restrictions on
your liberty, the maximum possible punishment also includes
certain financial penalties.
The maximum allowable fine is the greatest of these
three things; $5 million, twice the gross pecuniary gain
derived from the offense, or twice the gross pecuniary loss to
persons other than yourself.  I must order a mandatory special
assessment of $100 per count of conviction.
In certain circumstances, there may be restitution
obligations if there are individuals who are injured or
entities that are injured, and there are other circumstances of
forfeiture obligations. I do not believe either is appropriate
today.
Mr. Ahuja, do you understand that these potential
restrictions on your liberty and these potential financial
penalties are the maximum possible penalties associated with
the Count Three offense?
DEFENDANT AHUJA:  Yes, your Honor.
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THE COURT:  Mr. Shor?
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  Gentleman, I'm going to ask you questions.
And my experience is that not all of these questions are
applicable to everyone.  I do want to make sure, however, that
I ask them, and I will begin by asking, Mr. Ahuja, are you a
United States citizen?
DEFENDANT AHUJA:  Yes, I am.
THE COURT:  Were you born here or naturalized?
DEFENDANT AHUJA:  I was naturalized, your Honor.
THE COURT:  In certain circumstances, though I don't
believe in this one, a guilty plea can have adverse immigration
consequences, including the possibility of detention by
immigration authorities or removal or deportation from the
United States.
Have you had an opportunity to discuss with your
attorneys whether there might be any immigration consequences
as result of this guilty plea?
DEFENDANT AHUJA:  I have, your Honor.
THE COURT:  Is it still your wish today, sir, to plead
guilty?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor, are you a United States?
DEFENDANT SHOR:  I am, your Honor.
THE COURT:  Were you born here, sir?
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DEFENDANT SHOR:  I was, your Honor.
THE COURT:  Then I will ask you a different set of
questions, and you're welcome to stand if you like and I'll
just ask Mr. Ahuja them in a moment.
Do you understand that as a result of this guilty
plea, you could lose certain valuable civil rights, to the
extent that you have them today or could obtain them in the
future.  These would include the right to vote, the right to
hold public office, the right to serve on a jury and the right
to possess a firearm.
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  Thank you.  You're welcome to be seated,
sir.
Mr. Ahuja, you just heard me review with Mr. Shor the
potential civil consequences of a guilty plea.  Were you able
to hear me, sir?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Are you aware that as a result of your
guilty plea, you also might lose these civil rights?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  And it is still your wish to go forward?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Tarlowe, it is my understanding that
there are no other outstanding prosecutions of Mr. Ahuja; am I
correct?
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MR. TARLOWE:  Yes, your Honor, that is correct.
THE COURT:  Is there an outstanding SEC proceeding?
MR. TARLOWE:  There is, Judge.
THE COURT:  Thank you.
And, Mr. Weddle, the same two questions?
MR. WEDDLE:  Same answers, your Honor.
THE COURT:  Thank you.
Mr. Ahuja, please understand that resolving the case
before me doesn't resolve any other matters that you may have,
including any parallel proceedings in this case.
Do you understand that, sir?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  And, Mr. Shor, do you understand?
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  Mr. Ahuja, this is a bit of an unusual
case given the manner in which it is being resolved, but I
would still like to know whether you have discussed the process
of sentencing with your attorneys?
DEFENDANT AHUJA:  Yes, I have, your Honor.
THE COURT:  And you and I have already been together
for a prior sentencing proceeding, so my understanding is that
you are familiar with the obligations that I have and the
considerations that I undertake in imposing an individualized
sentence; is that correct?
DEFENDANT AHUJA:  Yes, your Honor.
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THE COURT:  Mr. Shor, do you recall as well speaking
with your attorneys about the process of sentencing?
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  And we have gone through the process once
before, so you have familiarity with my obligations and the
role that each of us plays at sentencing?
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  Mr. Ahuja, I understand that there is a
written plea agreement entered into between you and your
attorneys and the attorneys for the government; is that
correct?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  In connection with this proceeding, I've
been given a letter dated March 9 of 2022 from Ms. Griswold and
Mr. Gitner to your attorneys Mr. Finzi and Mr. Tarlowe and
Mr. Friedman.  It has the docket number of this case, your
name, and I'm going to hold up a copy, but I'll ask, do you
have a copy of that document, sir?
DEFENDANT AHUJA:  Yes, I do, your Honor.
THE COURT:  I can see it from here.  We see it is the
same thing, sir.  I'm marking my copy as Court Exhibit 1 just
so that you understand.
The copy that I have, sir, has six pages.  Perhaps
yours also has six pages?
DEFENDANT AHUJA:  Yes, it does, your Honor.
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THE COURT:  Can I ask you please to turn to page 6,
sir?
DEFENDANT AHUJA:  I'm there, your Honor.
THE COURT:  On the version that I have, I have four
signatures.  Does your page 6 also have four signatures on it,
sir?
DEFENDANT AHUJA:  Yes, it does, your Honor.
THE COURT:  Is one of those signatures yours?
DEFENDANT AHUJA:  Yes, it is, your Honor.
THE COURT:  Did you sign this document in or about the
last day or so in the presence of your attorney?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Before you signed this document, did you
read it?
DEFENDANT AHUJA:  Yes, I did, your Honor.
THE COURT:  If you had any questions about it, were
you able to resolve those issues with your attorney?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  At the time you signed this document, did
you understand what it provided?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  And just to reiterate, you understand this
to be your written plea agreement with the government?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor, I also have a letter also dated
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March 9 of 2022, to Mr. Weddle from the United States
Attorney's Office, Ms. Griswold and Mr. Gitner.  It contains as
well a reference to your name and the docket number in this
case.  Do you have a copy of that document in front of you,
sir?
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  I see that is the same document.
Sir, is this your plea agreement with the government?
DEFENDANT SHOR:  I believe so, your Honor.
THE COURT:  I'll ask you to confirm with your attorney
that it is.
DEFENDANT SHOR:  It is, your Honor.
THE COURT:  Sir, I've marked this as Court Exhibit 2,
and I'm going to ask you, please, to turn to the last page of
this document, which I see you are at already.  It is for both
of us page 6.
Are there four signatures on your version of this
document, sir?
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  Is one of them yours?
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  Did you sign this today in the presence of
your attorney?
DEFENDANT SHOR:  I did not, your Honor.
THE COURT:  Did you sign this yesterday, sir?
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DEFENDANT SHOR:  I signed it yesterday.
THE COURT:  I see that it was signed today.
Before you signed this document, did you read it?
DEFENDANT SHOR:  I did, your Honor.
THE COURT:  To the extent you had any questions about
it, were you able to resolve those by speaking with your
attorneys?
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  At the time that you signed this document,
did you understand its contents?
DEFENDANT SHOR:  I did, your Honor.
THE COURT:  Thank you.
One of the features of each of these agreements is
that you have agreed on the guidelines range that applies in
this case, and this is my understanding.  You are agreeing that
the guidelines range that's calculated at your prior sentencing
proceeding adjusted to a count for acceptance of responsibility
can be used for today's purposes.
Mr. Shor, do I understand that correctly?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  I'm sorry, Mr. Ahuja.  I knew I was going
to do that.  I won't do it again. Thank you, sir.  I'll look at
you and say the right name.
Is that in fact your understanding of this agreement?
DEFENDANT AHUJA:  Yes, your Honor.
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THE COURT:  Mr. Shor?
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  Thank you.
And so let me ask the parties, there's a discussion
about the accounting for acceptance of responsibility. Perhaps
this is an academic issue.  It was my intent to reduce by three
levels, because even though there was a trial in this case, I'm
being advised well before a second trial of the desire to plead
guilty.
But let me please ask counsel if they have a different
view as to the appropriate acceptance credit?
MS. GRISWOLD:  We agree, your Honor, it should be
three points.
THE COURT:  Mr. Tarlowe?
MR. TARLOWE:  We agree.
THE COURT:  And Mr. Weddle?
MR. WEDDLE:  We agree.
THE COURT:  Mr. Ahuja, the sentence guidelines were
previously calculated at 262 to 327 months.  With a three-level
reduction for acceptance of responsibility, they are
recalculated as 188 to 235 months.
At Mr. Shor's sentencing proceeding, the guidelines
were calculated as 168 to 210 months.  And with a three-level
reduction for acceptance of responsibility, they are now
recalculated as 121 to 151 months.
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Mr. Ahuja, in your plea agreement you and the
government have agreed upon a sentence, and that sentence is a
sentence of time served with no following term of supervised
release, no fine, no forfeiture and no restitution.
Is that your understanding of the sentence to which
you have agreed with the government?
DEFENDANT AHUJA:  Yes, it is, your Honor.
THE COURT:  Do you understand, sir, that because this
proceeding and this plea agreement are both being done under
Federal Rule of Criminal Procedure 11(c)(1)(C), I may accept or
reject your plea agreement.
Do you have that understanding?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  If I accept your plea agreement, I am
required to impose the sentence that you and the government
have agreed to and that I have just described.
Do you understand that, sir?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Do you also understand that if I reject
the agreement, you would have the right to withdraw your guilty
plea?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  I also understand that you and the
government have agreed that if I were to reject your plea
agreement or you were to withdraw your guilty plea, the plea
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agreement that we've been talking about and that I've marked as
Court Exhibit 1 will become null and void.
Do you understand that, sir?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  In your plea agreement, you are waiving
your right to appeal or otherwise challenge a sentence of time
served and a special assessment that is less than or equal to
$100.
In other words, if I sentence you to time served and
if I order a special assessment of $100 or something less than
that, you would have no right to appeal or otherwise challenge
those components of that sentence.
Do you understand that, sir?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor, let me please turn to you.
You also have entered into a plea agreement pursuant
to the Federal Rule of Criminal Procedure 11(c)(1)(C), you and
the government have agreed upon the same sentence that I just
previewed with Mr. Ahuja, which is a sentence of time served,
no term of supervised release, no fine, no forfeiture and no
restitution.
Is that your understanding of the sentence to which
you and the government have agreed?
DEFENDANT SHOR:  It is, your Honor.
THE COURT:  And under Rule 11(c)(1)(C), I may accept
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or reject your plea agreement.
And just to reiterate what I said with Mr. Ahuja, if I
accept the plea agreement, I am required to impose the sentence
to which you and the government have agreed and that I've just
described.  And if I reject your plea agreement, you will have
the right to withdraw your guilty plea.
Do you understand each of those things, sir?
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  Please also understand that you and the
government have agreed that if I reject your plea agreement or
if you were to withdraw your guilty plea, the plea agreement
will become null and void.
Do you understand that, sir?
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  In your plea agreement -- and perhaps what
I should have done is just -- this is on page -- for me page 3
of the plea agreement.  It looks like page 3 for each of you.
It's the first of the other provisions, and it is a series of
waivers.  So perhaps I should have asked this.
Mr. Shor, have you read this paragraph of the plea
agreement?
DEFENDANT SHOR:  I have, your Honor.
THE COURT:  And you understand, sir, that in this
paragraph, you have waived your right to appeal or otherwise
challenge a sentence of time served and/or a special assessment
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that is less than or equal to $100.
So if I were to sentence you to time serve and order a
special assessment of $100 or less, you would have no right to
appeal or otherwise to challenge those components of your
sentence.  Is that correct?
DEFENDANT SHOR:  That's correct, your Honor.
THE COURT:  Mr. Ahuja, I should have asked you a
moment ago, sir, whether you understood these provisions.  I
could point them out to you in the agreement.  I see that
you're looking at them as I'm talking to you.
Do you know specifically the paragraph to which I was
referring when I asked you those questions
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Ms. Griswold, are there specific
provisions of this plea agreement that you would like me to
call to the attention of either defendant in this case?
MS. GRISWOLD:  No, your Honor, not other than what
you've already done with respect to the appellate waiver.
THE COURT:  All right.
Mr. Ahuja, does this plea agreement that I've marked
as Court Exhibit 1 constitute your complete and total
understanding of the entire agreement that you have with the
government?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Sir, has anything been left out of this
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agreement to the best of your knowledge?
DEFENDANT AHUJA:  No, your Honor.
THE COURT:  Other than what's contained in this
agreement, has anyone made you any promise or offered you any
type of inducement in order to get you to sign this agreement
or to plead guilty in this case?
DEFENDANT AHUJA:  No, your Honor.
THE COURT:  Has anyone forced you or threatened you to
sign this agreement or to plead guilty in this case?
DEFENDANT AHUJA:  No, your Honor.
THE COURT:  Mr. Shor, does your written plea agreement
which has been marked as Court Exhibit 2 constitute your
complete and total understanding of the entire agreement that
you have with the government?
DEFENDANT SHOR:  It does, your Honor.
THE COURT:  To the best of your knowledge, sir, has
anything been left out?
DEFENDANT SHOR:  No, your Honor.
THE COURT:  Other than what's contained in this
agreement, has anyone made you any promise or offered you any
type of inducement in order to get you to sign this agreement
or to plead guilty here today?
DEFENDANT SHOR:  No, your Honor.
THE COURT:  Has anyone threatened you or forced you to
sign this agreement or to plead guilty here today?
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DEFENDANT SHOR:  No, your Honor.
THE COURT:  Mr. Ahuja, just in the interest of
completeness, we've been talking about various provisions of
the agreements and I see that in addition to the ones that I
specifically discussed with you, there is an agreement that the
parties have that if this plea were entered into and accepted,
there would be the withdrawal of certain appeals currently at
the United States Court Of appeals for the Second Circuit.
That is on page 2 of the agreement in the paragraph
that begins, "It is further agreed."  May I direct your
attention to that page, sir.  You're there.  Thank you.
Mr. Ahuja, is it in fact the case that upon acceptance
of the plea and this agreement by the district court, the
parties will be executing stipulations regarding the dismissal
of the two appeals or the withdrawal of the two appeals?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Have I misstated it?
MS. GRISWOLD:  Yes. Both parties have already filed
stipulations in the Circuit so as to return jurisdiction to
your Honor.  The stipulations indicate that if the pleas are
not accepted, that the appeals can be re-filed, but at this
point they have been withdrawn.
THE COURT:  All right.
Mr. Tarlowe, do you agree?
MR. TARLOWE:  Yes, your Honor.
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THE COURT:  And Mr. Weddle, do you agree?
MR. WEDDLE:  Yes, your Honor.
THE COURT:  All right.  Mr. Weddle, given that, do I
still need to review this paragraph with your client?
MR. WEDDLE:  No, your Honor.
THE COURT:  Mr. Ahuja, at this time I would like you
to tell me in your own words what it is that you did that makes
you believe that you are guilty of Count Three in the
indictment.
I will ask you this favor, sir.  Again, just given the
acoustics of this courtroom, I'll ask you, please, to speak
into the microphone and to speak slower and louder than you
think you need to, and you may begin when you're ready.
MR. TARLOWE:  Your Honor, before Mr. Ahuja does that,
I would note for the Court what I think will be apparent to
your Honor, Mr. Ahuja is reading from a document that was
prepared with the assistance of counsel, but does reflect
Mr. Ahuja's own thoughts and words, and we also previously
shared this with the government as well.
THE COURT:  Okay.  Mr. Ahuja, I actually was going to
ask you that question.  Let me just confirm, sir.  Irrespective
of who wrote these notes down, they are in fact your thoughts?
DEFENDANT AHUJA:  Yes, your Honor, these are my
thoughts.
THE COURT:  I will hear them now.  Thank you.
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DEFENDANT AHUJA:  In or about 2008, I co-founded
Premium Point Investments, or PPI, where I served as chief
executive officer and chief investment officer.  As a member of
PPI's investment committee, I was generally aware of the marks
that were used to compute the net asset of PPI's funds.  I also
worked with others at PPI to report the net asset value to
investors based on the marks provided by PPI's traders.
Beginning in or around the fall of 2015, I came to
understand that there was a high probability that the net asset
value of the New Issue Opportunity Fund was not being
calculated through strict adherence by PPI's traders to PPI's
valuation policy.
Despite having that understanding, I continued
reporting the net asset value to investors and consciously
failed to investigate the possibility of non-compliance with
PPI's valuation policy in the New Issue Opportunity Fund.
As a result, between the fall of 2015 and early 2016,
I was aware that there was a high probability that the net
asset value of the New Issue Opportunity Fund was not being
calculated and reported to investors in accordance with PPI's
valuation policy, and I consciously avoided confirming that
fact.
THE COURT:  Sir, at the time that this was taking
place, where were your offices located?
DEFENDANT AHUJA:  On 56 and 5th.
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THE COURT:  At the time that you engaged in this
conduct, did you understand that what you were doing was wrong
and illegal?
DEFENDANT AHUJA:  I was aware.  I was aware that there
was a high probability that the NAV of the fund was being
calculated in a way that was not consistent with the
investors -- what the investors had been told, and it was wrong
for me not to follow-up on that.
THE COURT:  Mr. Ahuja, may I understand that in the
business of PPI and in the communications with investors, there
were ways in which interstate commerce or interstate wires were
implicated, either the use of wires to communicate this
information, telephone calls, things of that nature or the use
of national securities exchange?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Which of those, please?
DEFENDANT AHUJA:  Telephone and emails.
THE COURT:  Mr. Tarlowe, do you know of any valid
defense that would prevail at trial or any reason why your
client should not be permitted to plead guilty?
MR. TARLOWE:  No, your Honor.
THE COURT:  Ms. Griswold, are there additional
questions that you would like me to ask of Mr. Ahuja?
MS. GRISWOLD:  No, your Honor.  We just note that we
also believe it's proper that your Honor consider the entire
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factual record before the Court, including the evidence at the
prior trial in determining whether or not there is a sufficient
factual basis for the plea.
THE COURT:  It is precisely for that reason that
unless the parties ask me to do so, I'm not going to ask the
government to outline for me the evidence it would present at
trial, because we have in fact seen that evidence.  All right.
Mr. Ahuja, do you understand that as I consider
whether there's a sufficient factual record for a guilty plea
in this case, I may consider everything that you've said to me
right now, and I may consider the evidence that was presented
at trial?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Tarlowe, do you agree that there is a
sufficient factual predicate for a guilty plea?
MR. TARLOWE:  Yes, your Honor.
THE COURT:  Do you know of any reason why I should not
accept your client's plea of guilty?
MR. TARLOWE:  No, your Honor.
THE COURT:  Ms. Griswold, do you agree that there is a
sufficient factual predicate for a guilty plea by Mr. Ahuja to
Count Three of the indictment?
MS. GRISWOLD:  I do, your Honor.
THE COURT:  If he wishes to plead guilty, is there any
reason why I should not accept it?
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MS. GRISWOLD:  No, your Honor.
THE COURT:  Mr. Ahuja, at this time do you wish to
enter a plea of guilty to Count Three of indictment S1:18 CR
328?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Thank you.  You're both welcome to be
seated.
Mr. Shor, at this time I would like to hear from you
with respect to what it is you did that makes you believe that
you are guilty of the offense charged in Count Three of the
indictment.
May I ask, sir, do you also have notes to aid you in
speaking with me this morning?
DEFENDANT SHOR:  I do.
THE COURT:  Irrespective of who wrote them up, are
they your thoughts?
DEFENDANT SHOR:  They are my thoughts.
THE COURT:  I will ask you as I asked Mr. Ahuja,
please be mindful of the acoustical limitations of this room
and to speak louder and slower than you think you need to, and
please speak when you are ready, sir.
DEFENDANT SHOR:  Thank you, your Honor.
Between approximately April of 2014 and March of 2016,
I was a trader for the mortgage credit fund at Premium Point
Investments.
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The month-end net asset value, or NAV, of the mortgage
credit fund was an important measure of the fund's performance
and was disseminated to investors and potential investors
through the mail and interstate wire communications.
Beginning in or about the fall of 2015, as part of the
month-end NAV calculation process, I obtained pricing data
which resulted in an NAV I believed was too high.
I did two things which led to this result.
I pressured brokers to provide security specific marks
which were higher than where I thought they should have been.
I knew that brokers had an incentive to provide favorable marks
to me in the hopes of obtaining business in the form of trades.
Second, I obtained sector spreads I knew would result
in higher security specific prices, even though market bids for
the securities were decreasing, by using PPI's mid-level
pricing system, in which for some bonds half of the bid-ask was
combined with the bid side marks as a lever.
I believe that the valuations conveyed to the
investors exceeded my best estimate of the valuations for
certain of the bonds I traded.
I participated in these efforts despite thinking they
were wrong, and knowing that the increase valuations would be
conveyed to investors and potential investors and relied upon
them.  Thank you, your Honor.
THE COURT:  Thank you, sir.
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Mr. Shor, while you're standing, when you were having
these conversations with brokers, when you were engaged in the
process or your participation in calculating net asset values,
were you located at least in part in Manhattan?
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  And you heard me ask Mr. Ahuja about
whether wires, faxes, telephone calls, things of that nature,
were implicated by the communications in which he was involved.
In your communications with brokers, sir, regarding these net
asset values or in the dissemination of these net asset values
to investors, did that involve wires, emails, telephones,
things of that nature, sir?
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  Mr. Weddle, do you know of any valid
defense that would prevail at trial or any reason why your
client should not be permitted to plead guilty?
MR. WEDDLE:  There's no reason that my client should
not be permitted to plead guilty, your Honor.
THE COURT:  Ms. Griswold, are there additional
questions you would like me to ask of Mr. Shor?
MS. GRISWOLD:  No, your Honor.
THE COURT:  Mr. Weddle, you heard Ms. Griswold say
earlier that I might consider the trial record.  I don't know
that I need to because I believe that these allocutions
suffice, but do you have a view as to my ability to do that
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here?
MR. WEDDLE:  I agree that that is permitted, your
Honor.
THE COURT:  Mr. Weddle, do you agree that there is a
sufficient factual predicate for a guilty plea in this case?
MR. WEDDLE:  I do, your Honor.
THE COURT:  If your client wishes to plead guilty, is
there any reason why I should not accept it?
MR. WEDDLE:  There is not, your Honor?
THE COURT:  Ms. Griswold, the same two questions?
MS. GRISWOLD:  No reason not to accept it, your Honor.
THE COURT:  And there's a factual predicate?
MR. ROBINSON:  Yes, your Honor.
THE COURT:  Of course.  I should have asked you both
questions.
Mr. Shor, at this time do you wish to enter a plea of
guilty to Count Three of indictment S1:18 CR 328?
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  Thank you, sir.  You may be seated.
Mr. Ahuja and Mr. Shor, because you have acknowledged
that you are in fact guilty as charged in Count Three of the
indictment, because I am satisfied that you are aware of your
rights, including your rights, your respective rights to go to
trial and that you're aware of the consequences of your plea,
including the range of penalties or the sentence in this case
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that may be imposed, I find that you are knowingly and
voluntarily pleading guilty.
I am accepting your guilty pleas, and I am entering a
judgment of guilty for each of you on Count Three of the
indictment.  It is my understanding that the parties today wish
to proceed to sentencing.
Mr. Tarlowe, is it sufficient for me to say that you
and your client have reviewed the presentence investigation
report in this case.  You are asking for the guidelines in that
report to be recalculated to reflect the acceptance of
responsibility credit, and that otherwise there's nothing else
to discuss with respect to the presentence investigation
report?
MR. TARLOWE:  Yes, your Honor.  I think that's all
correct, yes.
THE COURT:  Let me try and break it down because I
don't want to be confusing, you'll all let me know if these are
things that you think we simply do not have to discuss, but
we've had a sentencing.  There is a PSR.
Mr. Tarlowe, may I question your client specifically
on this?
MR. TARLOWE:  Yes, of course, your Honor.
THE COURT:  Mr. Ahuja, I've used the term "presentence
investigation report or PSR," do you know what I was speaking
of?
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DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Do you recall reviewing it previously in
this case?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  I believe the parties are asking me to
recalculate the guidelines in light of the acceptance of
responsibility credit that you and Mr. Shor have each become
entitled to as a result of these guilty pleas.  I understand
that those will be changed, but do you have any other
objections to the presentence investigation report?
DEFENDANT AHUJA:  No, your Honor.
THE COURT:  Mr. Tarlowe?
MR. TARLOWE:  Your Honor, this is probably
unnecessary, but I think the only thing I just wanted to add is
that to the extent we objected previously to certain findings
in the presentence report, we're now waiving those objections;
however, we recognize that the Court has already ruled on
those, has already previously calculated the guidelines, and we
have no objection to the Court relying on those prior findings
and the prior guidelines calculation with the one adjustment
for acceptance of responsibility.
THE COURT:  Thank you.
Mr. Weddle, do you feel the same?
MR. WEDDLE:  Yes, your Honor.
THE COURT:  Thank you.
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And, Mr. Weddle, may I speak with Mr. Shor?
MR. WEDDLE:  Yes, your Honor.
THE COURT:  Mr. Shor, in our prior sentencing
proceeding there was a presentence investigation report that
was prepared.  You recall our discussions about it.  We've
had -- there were legal arguments and other arguments.  You
recall as well in the prior sentencing that I made certain
findings about the presentence investigation report.  Do you
have that recollection, sir?
DEFENDANT SHOR:  I do, your Honor.
THE COURT:  What I'm being asked to do now as a
consequence of the guilty plea I've just taken from you and
from Mr. Ahuja, is to modify my guidelines calculation to
reflect the acceptance of responsibility, but otherwise I'm not
planning on making further adjustments to the presentence
investigation report, except to the extent they relate to the
calculation of the guidelines.  Your prior objections are what
they were.
Are there any additional objections that you make to
the presentence investigation report, sir
DEFENDANT SHOR:  No, your Honor.
THE COURT:  Then accept as modified.  I am adopting
the presentence investigation report for each defendant as
previously done.  I will simply change the guidelines to
reflect the acceptance of responsibility.
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Ms. Griswold, I spoke with you earlier about a
statement in connection with sentencing.  I should also have
asked you whether the government has any objections.  I know
you've read the presentence investigation report.  I imagine
that you agree with my reflection of acceptance credit.  Are
there any other objections or modifications to the presentence
investigation report?
MS. GRISWOLD:  Just one modification.  I think
throughout it makes reference to Counts One through Four, and
it doesn't impact the guidelines calculation, but I think it
could be noted that the portions of the presentence report that
talk about the four counts and the convictions on the four
counts should be modified to note that the conviction here and
the sentence is just for Count Three.
THE COURT:  Thank you.
Mr. Tarlowe and then Mr. Weddle, I believe the
government's asking me to modify the presentence investigation
report to make clear that the conviction about which we are
speaking today is the product of today's guilty plea and not
the trial?
MR. TARLOWE:  We agree it makes sense to do that, your
Honor.
MR. WEDDLE:  We agree as well, your Honor.
THE COURT:  I'll do what I can to make that clear.
Thank you.
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Ms. Griswold, may I hear from you or from your
colleague in connection with sentencing?
MS. GRISWOLD:  Yes, I believe Mr. Gitner will speak.
MR. GITNER:  Thank you, your Honor.
I intend to be brief and non-controversial.  I do want
to thank your Honor for obviously paying very careful attention
to the submissions in this case.  I feel a little silly saying
that frankly because I know your Honor pays careful attention
to everything that comes before you, but I think it's worth
saying out loud in the context of this case.
And I also want to thank defense counsel for their
engagement in the discussions that led to where we are today,
and frankly the manner in which they engaged with us.  I also
wanted to say that out loud.
As your Honor indicated at the beginning of this
proceeding, we're sort of -- this is a somewhat not very unique
posture that we're in.  But despite that uniqueness as with all
cases, the resolution we believe should send the message that
we stand behind the prosecution and the strong message that its
already set.
The uniqueness and the unique posture of the case,
which includes, frankly amount other things, in fact the
substantial restitution that has already been paid, allows for
this disposition.  It brings finality through acceptance of
responsibility, which we always take very serious of course.
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It brings very serious felony convictions to the core
of the conduct alleged here.  It preserves needed resources
which are now pointed elsewhere, including within the private
fund space and elsewhere, and we believe it uniquely does all
of this within and consistent with Section 3553(a).
So again, thank your Honor for the careful way you've
considered this matter right up to this moment.  Frankly, that
said, I'll sit down and allow the proceeding to continue.  We
stand by the prosecution.
THE COURT:  Thank you very much.
Mr. Tarlowe, do you or does one of your colleagues
wish to speak in connection with sentencing?
MR. TARLOWE:  No, your Honor.
THE COURT:  May I speak directly with your client?
MR. TARLOWE:  Yes, your Honor.
THE COURT:  Mr. Ahuja, if you wish to speak with me in
connection with your sentencing, you are invited to do so.
You're not obligated to do so.
I do recall having spoken with you in connection with
the prior sentencing, and I do feel over these several years
that I do have a sense of you and this case.
If you would like to speak, you're invited.  If you
prefer not to, simply let me know that.
DEFENDANT AHUJA:  Given the circumstances, I prefer
not to speak.
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THE COURT:  Of course.
Mr. Weddle, is there anything you or your colleague
would like to say in connection with sentencing?
MR. WEDDLE:  May I have a moment, your Honor.
THE COURT:  Of course.
MR. WEDDLE:  Just very briefly, your Honor, and I
think to in a way echo in mirror image the statement made by
the prosecution, we do appreciate our ability to discuss the
matter with them and reach what I think is a result that
permits all the parties to essentially close the door on this
case.
We stand behind the way that we litigated this case
throughout and the defense, but we agree that this is a fair
resolution that should be accepted by your Honor.
THE COURT:  Mr. Shor, at this time if you wish to
speak with me in connection with your sentence, you are invited
to do so.  You are not obligated to speak with me, sir, and I
do recall our discussions at the prior sentencing proceeding,
but I want to give you that opportunity if you'd like to speak.
DEFENDANT SHOR:  Thank you, your Honor.  I couldn't
possibly be as eloquent as Mr. Weddle.  Thank you.
THE COURT:  I'm sure he appreciates that.
Thank you, sir.
DEFENDANT SHOR:  Otherwise, I don't wish to say
anything, your Honor.
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THE COURT:  All right.  Thank you.
My practice usually is to take a break at this time
having heard from the parties so that I can reflect
appropriately on what has been argued because I do not come out
on the bench with a sentence in mind.  Perhaps the defendants
in this case will recall that that is what I did with respect
to their sentencings, and then I will usually come out and
discuss with each defendant my rationale for the sentence
imposed and my hopes for their future.
We keep saying this is an unusual case.  This is an
unusual case.  There was a trial.  There was extensive
proceedings on both sides of that trial, including extensive
sentencing proceedings, where I think all arguments that could
be made were made.  And then there were of course the
posttrial, post-conviction proceedings that brought us to where
we are today, and so I don't think it is useful to take a
break.
I did want to say something.  I'm still not sure what
to say, so you'll excuse what comes out.  I've had this case
for four years and many of you, including in particular
Mr. Ahuja and Mr. Shor, have had the case for far longer.  And
many times in the past period of years, we've all worked very,
very hard, and we've done so, at least for some of us, because
we believe in the criminal justice system.  We believe in the
fairness of the process that is in place, and perhaps it may be
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that folks who are a party to this proceeding are or are not
fully satisfied with this resolution.
I do have confidence and comfort that everyone working
on this case has worked for justice and fairness.  And to the
extent you've done that, you've succeeded and you have
confirmed the fairness of the process.  Some of you will appear
before me again in the future.  Some of you I hope, Mr. Ahuja
Mr. Shor, will not.
I've learned something through this case, and I hope
that you have as well, and I hope that you can find some
satisfaction in what you've learned through this case.  And
with that, I will turn to the formal process of sentencing.
I will describe the sentence I intend to impose, but
give each time an opportunity to make legal objections before
the sentence is actually imposed.
I have considered as I must the factors set forth by
Congress in Section 3553(a), and they include the nature and
circumstances of the offense, the history and characteristics
of each of the defendants, the need for the sentence imposed to
reflect the seriousness of the offense, to promote respect for
the law, to provide a just punishment for the offense, to
afford adequate deterrence to criminal conduct, to protect the
public from further crimes by the defendant, to provide each
defendant with needed educational and vocational training,
medical care or other correctional treatment in the most
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effective manner.
I must consider the guidelines, and I've mentioned
that a few moments ago.  I must consider the need to avoid
unwarranted sentence disparities, among similarly situated
defendants.  And I need in some cases, though not in this one
because of other proceedings, to consider restitution to the
victims.
I mentioned earlier my guidelines calculations in this
case.  For Mr. Ahuja, they are an offense level -- an adjusted
offense level of 36, a criminal history category of I, a
resulting guideline range of 188 to 235 months.
With Mr. Shor, there's an offense level of 32.  A
criminal history category of I, and resulting guidelines range
of 121 to 151 months.
The parties have proposed to me an agreed upon
sentence that includes a sentence of time served, no imposition
of a term of supervised release, no fine, no forfeiture and no
restitution, and I am agreeing with each of the agreed upon
sentences to be imposed on each of Mr. Ahuja and Mr. Shor.
There was much reflection in coming to this decision,
and I did solicit additional briefing on the parties on the
propriety of such sentencings. I appreciate very much the
materials that you sent to me to give me insight that I was
missing into what is an appropriate sentence.
And so my intention is to vary downward and to impose
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on each of Mr. Ahuja and Mr. Shor sentences of time served with
no term of supervised release to follow, with no fine, no
forfeiture, and no restitution, but with the single $100
mandatory special assessment that I cannot avoid the imposition
of.
I say that there is no restitution, but as each side
knows from the plea agreement, there were extensive restitution
efforts in connection with sentencing and thereafter.  And so
to say there's no restitution is a little bit -- I don't mean
it to be misleading.  It has been addressed in other
proceedings.
Ms. Griswold, is there any reason why I may not impose
that sentence on each of Mr. Ahuja and Mr. Shor?
MS. GRISWOLD:  No, your Honor.
THE COURT:  Mr. Tarlowe.
MR. TARLOWE:  No, your Honor.  The only thing is that
I believe that Mr. Ahuja paid the special assessment after the
first sentencing.
THE COURT:  I will not make him pay -- to be clear,
and I know you all know this, if you've paid it already, you do
not have to pay it again.  I have that out there because I
didn't know if it was paid.
MR. TARLOWE:  Just to be clear, I believe it was paid,
but maybe if we could just say to the extent it's been paid,
that we'll get credit of what's already been paid.
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THE COURT:  I completely agree.
MR. TARLOWE:  And hopefully we won't ask for a refund.
THE COURT:  I'll leave it to you to figure out the
other counts.  You deal with the Clerk's Office on that.
Mr. Weddle, the same?
MR. WEDDLE:  I believe the same is true, and we'll ask
for a refund.
THE COURT:  Mr. Weddle, the larger question is, is
there any legal reason why I may not impose this sentence?
MR. WEDDLE:  No, your Honor.
THE COURT:  Thank you.
Mr. Ahuja and Mr. Shor, please rise.
Gentleman, after thinking about this Section 3553(a)
factors and the sentencing guidelines as they apply to your
respective cases, and after thinking as well about the
arguments that have been made to me by your attorneys and by
the attorneys for the government in connection with sentencing,
I have calculated the guidelines as I have.  I have adopted the
presentence investigation reports as modified, and I am
imposing for each of you a sentence of time served with no term
of supervised release to follow, with no fine, with no
forfeiture, no additional restitution, additional to that
you've already arranged to pay, and with an obligation to pay
$100 special assessment to the extent that you have not paid
that already.
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Mr. Ahuja, do you understand the sentence that I have
imposed?
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor, do you understand the sentence I
have imposed?
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  Gentleman, please be seated.
To the extent that you have not waived this in any
plea agreement that you may have with the government, you have
the right to appeal from your conviction and from your
sentence.  If an appeal is something in which you are
interested, please speak with your attorneys because they
understand the process by which appeals are taken.
We've talked about this previously, there is generally
a two-week period after the filing of the written judgment for
the filing of the notice of appeal.  I imagine the written
judgment will be filed sometime early next week, but it may
take a little bit longer.
So if appeal is something in which you're interested,
you'll please speak with your attorneys.
Mr. Ahuja, do you understand that
DEFENDANT AHUJA:  Yes, your Honor.
THE COURT:  Mr. Shor, do you understand that?
DEFENDANT SHOR:  Yes, your Honor.
THE COURT:  Ms. Griswold, does the government move to
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dismiss the open counts and the underlying counts?
MS. GRISWOLD:  Yes, your Honor.
THE COURT:  Motion to dismiss is granted.
Ms. Griswold, is there anything else we should be addressing in
today's proceeding?
MS. GRISWOLD:  May I have a moment, your Honor?
THE COURT:  Of course.
MS. GRISWOLD:  No, your Honor.  Thank you.
THE COURT:  Thank you very much to all of you.
Mr. Tarlowe, from your client's perspective, is there
anything else -- or Mr. Finzi, from your perspective, is there
anything else to address in today's proceeding?
MR. FINZI:  One housekeeping matter, your Honor. We
have conferred with the government about having our client's
passport returned.  And one sort of touching aspect of what's
otherwise a very solemn proceeding, my client had made peace
with the fact that he would never see his father again in
India.  Now that he's able to, he intends to travel there on
Monday, so we've made a request to the government to get the
passport back as soon as possible.
MS. GRISWOLD:  I'm working on it, your Honor.  I have
been speaking with pretrial.  And now that I know the right
officer, I'm hoping we can get it back today.
THE COURT:  Do you need anything from me?  You have an
oral order to get it.
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MS. GRISWOLD:  I will come if I need more back up, but
I think I will be able to track it down today.
THE COURT:  Reach out to my chambers, to
Mr. Patterson, if you need anything from me.
MS. GRISWOLD:  Thank you.
THE COURT:  Mr. Finzi, I thank you.
But other than that, sir, which I certainly do hope is
resolved today, anything else you'd like me to know?
MR. FINZI: No, your Honor. Thank you.
THE COURT:  Mr. Weddle?
MR. WEDDLE:  No, nothing, your Honor.
THE COURT:  All right.  I don't know that there's
anything else to say.  We've seemed to have said a lot today.
I wish you all well.  We are adjourned.
(Adjourned)
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UNITED STATES DISTRICT COURT 
SOUTHERN DISTRICT OF NEW YORK 

SECURITIES AND EXCHANGE COMMISSION, 

Plaintiff, 

v. 

PREMIUM POINT INVESTMENTS LP, 
ANILESHA AHUJA a/k/a NEIL AHUJA, AMIN 
MAJIDI, JEREMY SHOR, ASHISH DOLE, and 
FRANK DINUCCI, JR.,  

Defendants.  

18 Civ. 4145 (JPC) 

[PROPOSED] FINAL JUDGMENT AS TO DEFENDANT JEREMY SHOR 

The Securities and Exchange Commission (the “Commission”) having filed an Amended 

Complaint and Defendant Jeremy Shor (“Defendant”) having entered a general appearance; 

consented to the Court’s jurisdiction over Defendant and the subject matter of this action; 

consented to entry of this Final Judgment; waived findings of fact and conclusions of law; and 

waived any right to appeal from this Final Judgment: 

I. 

IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is 

permanently restrained and enjoined from violating, directly or indirectly, Section 10(b) of the 

Securities Exchange Act of 1934 (the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rules 10b-5(a) 

and (c) promulgated thereunder [17 C.F.R. §§ 240.10b-5(a) and (c)], by using any means or 

instrumentality of interstate commerce, or of the mails, or of any facility of any national securities 

exchange, in connection with the purchase or sale of any security: 

(a) to employ any device, scheme, or artifice to defraud; or

(b) to engage in any act, practice, or course of business which operates or would

operate as a fraud or deceit upon any person.

Case 1:18-cv-04145-JPC   Document 79   Filed 11/07/23   Page 1 of 73

Bests
Cross-Out



2  

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal 

Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive 

actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s officers, 

agents, servants, employees, and attorneys; and (b) other persons in active concert or participation 

with Defendant or with anyone described in (a). 

II. 
 
IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is 

permanently restrained and enjoined from violating Sections 17(a)(1) and (3) of the Securities Act 

of 1933 (the “Securities Act”) [15 U.S.C. §§ 77q(a)(1) and (3)] in the offer or sale of any security 

by the use of any means or instruments of transportation or communication in interstate commerce 

or by use of the mails, directly or indirectly: 

(a) to employ any device, scheme, or artifice to defraud; or 
 
(b) to engage in any transaction, practice, or course of business which operates or 

would operate as a fraud or deceit upon the purchaser. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal 

Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive 

actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s officers, 

agents, servants, employees, and attorneys; and (b) other persons in active concert or participation 

with Defendant or with anyone described in (a). 

III. 

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is 

permanently restrained and enjoined from violating Sections 206(1) and (2) of the Investment 

Advisers Act of 1940 (the “Advisers Act”) [15 U.S.C. §§ 80b-6(1) and 80b-6(2)] from, while 

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acting as investment advisers, by the use of any means or instruments of interstate commerce, 

directly or indirectly: 

(a) employing any device, scheme, or artifices to defraud any client or prospective 

client; and  

(b) to engage in any transaction, practice, or course of business which operates as a 

fraud or deceit upon any client or prospective client. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal 

Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive 

actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s officers, 

agents, servants, employees, and attorneys; and (b) other persons in active concert or participation 

with Defendant or with anyone described in (a). 

IV. 

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is 

permanently restrained and enjoined from violating, directly or indirectly, Advisers Act Section 

206(4) [15 U.S.C. § 80b-6(4)] and Rule 206(4)-8(a)(2) [17 C.F.R. § 275.206(4)-8(a)(2)] 

promulgated thereunder by, while acting as an investment adviser to a pooled investment vehicle, 

engaging in any act, practice, or course of business that is fraudulent, deceptive, or manipulative 

with respect to any investor or prospective investor in the pooled investment vehicle. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal 

Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive 

actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s officers, 

agents, servants, employees, and attorneys; and (b) other persons in active concert or participation 

with Defendant or with anyone described in (a). 

 
 

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V. 
 
IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that, based on 

Defendant’s sworn representations in his Statement of Financial Condition dated May 30, 2023, 

and other documents and information submitted to the Commission, the Court is not ordering 

Defendant to pay a civil penalty.  The determination not to impose a civil penalty is contingent 

upon the accuracy and completeness of Defendant’s Statement of Financial Condition.  If at any 

time following the entry of this Final Judgment the Commission obtains information indicating that 

Defendant’s representations to the Commission concerning his assets, income, liabilities, or net 

worth were fraudulent, misleading, inaccurate, or incomplete in any material respect as of the time 

such representations were made, the Commission may, at its sole discretion and without prior 

notice to Defendant, petition the Court for an order requiring Defendant to pay the maximum civil 

penalty allowable under the law.  In connection with any such petition, the only issue shall be 

whether the financial information provided by Defendant was fraudulent, misleading, inaccurate, 

or incomplete in any material respect as of the time such representations were made.  In its 

petition, the Commission may move this Court to consider all available remedies, including, but 

not limited to, ordering Defendant to pay funds or assets, directing the forfeiture of any assets, or 

sanctions for contempt of this Final Judgment.  The Commission may also request additional 

discovery.  Defendant may not, by way of defense to such petition:  (1) challenge the validity of 

the Consent or this Final Judgment; (2) contest the allegations in the Amended Complaint filed by 

the Commission; (3) assert that payment of a civil penalty should not be ordered; (4) contest the 

imposition of the maximum civil penalty allowable under the law; or (5) assert any defense to 

liability or remedy, including, but not limited to, any statute of limitations defense. 

 

 

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5 

VI. 

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that the Consent 

is incorporated herein with the same force and effect as if fully set forth herein, and that Defendant 

shall comply with all of the undertakings and agreements set forth therein. 

VII. 

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that, solely for 

purposes of exceptions to discharge set forth in Section 523 of the Bankruptcy Code, 11 U.S.C. § 

523, the allegations in the Amended Complaint are true and admitted by Defendant, and further, 

any debt for disgorgement, prejudgment interest, civil penalty or other amounts due by Defendant 

under this Final Judgment or any other judgment, order, consent order, decree or settlement 

agreement entered in connection with this proceeding, is a debt for the violation by Defendant of 

the federal securities laws or any regulation or order issued under such laws, as set forth in Section 

523(a)(19) of the Bankruptcy Code, 11 U.S.C. § 523(a)(19). 

VIII. 

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that this Court 

shall retain jurisdiction of this matter for the purposes of enforcing the terms of this Final 

Judgment. 

IX. 

There being no just reason for delay, pursuant to Rule 54(b) of the Federal Rules of Civil 

Procedure, the Clerk is ordered to enter this Final Judgment forthwith and without further notice. 

Dated:  , 2023 

HON. JOHN P. CRONAN 
UNITED STATES DISTRICT JUDGE 

November 7

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UNITED STATES DISTRICT COURT 
SOUTHERN DISTRICT OF NEW YORK 

 
SECURITIES AND EXCHANGE COMMISSION, 
 
                                          Plaintiff, 
 
                               v. 
 

PREMIUM POINT INVESTMENTS LP, 
ANILESHA AHUJA a/k/a NEIL AHUJA, AMIN 
MAJIDI, JEREMY SHOR, ASHISH DOLE, and 
FRANK DINUCCI, JR.,  
  
                                          Defendants.  
 

 
 

 
   

18 Civ. 4145 (JPC) 
 
   

  
           

          

 
CONSENT OF DEFENDANT JEREMY SHOR 

 
1. Defendant Jeremy Shor (“Defendant”) acknowledges having been served with the 

Amended Complaint in this action, enters a general appearance, and admits the Court’s jurisdiction 

over Defendant and over the subject matter of this action. 

2. Defendant pleaded guilty to criminal conduct relating to certain matters alleged in 

the Amended Complaint in this action.  Specifically, in United States v. Ahuja, et al., 18 Cr. 328 

(KPF) (S.D.N.Y.), Defendant pleaded guilty to one count of securities fraud [15 U.S.C. §§ 78j(b) 

and 78ff; 17 C.F.R. § 240.10b-5].  In connection with that plea, Defendant admitted the facts set 

out in the transcript of his plea allocution that is attached as Exhibit A to this Consent.  

3. Defendant hereby consents to the entry of the final Judgment in the form attached 

hereto (the “Final Judgment”) and incorporated by reference herein, which, among other things, 

permanently restrains and enjoins Defendant from violations of Section 10(b) of the Securities 

Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78j(b)] and Rules 10b-5(a) and (c) 

thereunder [17 C.F.R. §§ 240.10b-5(a) and (c)], Sections 17(a)(1) and 17(a)(3) of the Securities 

Act of 1933 (“Securities Act”) [15 U.S.C. §§ 77q(a)(1) and (3)]; and Sections 206(1), (2), and (4) 

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2  

of the Investment Advisers Act of 1940 (“Advisers Act”) [15 U.S.C. §§ 80b-6(1), 80b-6(2), and 

80b-6(4)] and Rule 206(4)-8(a)(2) thereunder [17 C.F.R. § 275.206(4)-8(a)(2)].   

4. Defendant acknowledges that the Court is not imposing a civil penalty based on 

Defendant’s sworn representations in Defendant’s Statement of Financial Condition dated May 30, 

2023, and other documents and information submitted to the Commission.  Defendant further 

consents that if at any time following the entry of the Final Judgment the Commission obtains 

information indicating that Defendant’s representations to the Commission concerning Defendant's 

assets, income, liabilities, or net worth were fraudulent, misleading, inaccurate, or incomplete in 

any material respect as of the time such representations were made, the Commission may, at its 

sole discretion and without prior notice to Defendant, petition the Court for an order requiring 

Defendant to pay the maximum civil penalty allowable under the law.  In connection with any such 

petition, the only issue shall be whether the financial information provided by Defendant was 

fraudulent, misleading, inaccurate, or incomplete in any material respect as of the time such 

representations were made.  In any such petition, the Commission may move the Court to consider 

all available remedies, including but not limited to ordering Defendant to pay funds or assets, 

directing the forfeiture of any assets, or sanctions for contempt of the Court’s Final Judgment.  The 

Commission may also request additional discovery.  Defendant may not, by way of defense to such 

petition:  (1) challenge the validity of this Consent or the Final Judgment; (2) contest the 

allegations in the Amended Complaint; (3) assert that payment of a civil penalty should not be 

ordered; (4) contest the imposition of the maximum civil penalty allowable under the law; or (5) 

assert any defense to liability or remedy, including but not limited to any statute of limitations 

defense. 

5. Defendant waives the entry of findings of fact and conclusions of law pursuant to 

Rule 52 of the Federal Rules of Civil Procedure. 

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3  

6. Defendant waives the right, if any, to a jury trial and to appeal from the entry of the 

Final Judgment. 

7. Defendant enters into this Consent voluntarily and represents that no threats, offers, 

promises, or inducements of any kind have been made by the Commission or any member, officer, 

employee, agent, or representative of the Commission to induce Defendant to enter into this 

Consent. 

8. Defendant agrees that this Consent shall be incorporated into the Final Judgment 

with the same force and effect as if fully set forth therein. 

9. Defendant will not oppose the enforcement of the Final Judgment on the ground, if 

any exists, that it fails to comply with Rule 65(d) of the Federal Rules of Civil Procedure, and 

hereby waives any objection based thereon. 

10. Defendant waives service of the Final Judgment and agrees that entry of the Final 

Judgment by the Court and filing with the Clerk of the Court will constitute notice to Defendant of 

its terms and conditions.  Defendant further agrees to provide counsel for the Commission, within 

thirty days after the Final Judgment is filed with the Clerk of the Court, with an affidavit or 

declaration stating that Defendant has received and read a copy of the Final Judgment. 

11. Consistent with 17 C.F.R. § 202.5(f), this Consent resolves only the claims asserted 

against Defendant in this civil proceeding.  Defendant acknowledges that no promise or 

representation has been made by the Commission or any member, officer, employee, agent, or 

representative of the Commission with regard to any criminal liability that may have arisen or may 

arise from the facts underlying this action or immunity from any such criminal liability.  Defendant 

waives any claim of Double Jeopardy based upon the settlement of this proceeding, including the 

imposition of any remedy or civil penalty herein.  Defendant further acknowledges that the Court’s 

entry of a permanent injunction may have collateral consequences under federal or state law and 

Case 1:18-cv-04145-JPC   Document 79   Filed 11/07/23   Page 8 of 73



4  

the rules and regulations of self-regulatory organizations, licensing boards, and other regulatory 

organizations.  Such collateral consequences include, but are not limited to, a statutory 

disqualification with respect to membership or participation in, or association with a member of, a 

self-regulatory organization.  This statutory disqualification has consequences that are separate 

from any sanction imposed in an administrative proceeding.  In addition, in any disciplinary 

proceeding before the Commission based on the entry of the injunction in this action, Defendant 

understands that he shall not be permitted to contest the factual allegations of the Amended 

Complaint in this action. 

12. Defendant understands and agrees to comply with the terms of 17 C.F.R. § 202.5(e), 

which provides in part that it is the Commission’s policy “not to permit a defendant or respondent 

to consent to a judgment or order that imposes a sanction while denying the allegations in the 

complaint or order for proceedings.”  As part of Defendant’s agreement to comply with the terms 

of Section 202.5(e), Defendant acknowledges the guilty plea for related conduct described in 

paragraph 2 above, and: (i) will not take any action or make or permit to be made any public 

statement denying, directly or indirectly, any allegation in the Amended Complaint or creating the 

impression that the Amended Complaint is without factual basis; (ii) will not make or permit to be 

made any public statement to the effect that Defendant does not admit the allegations of the 

Amended Complaint, or that this Consent contains no admission of the allegations, without also 

stating that Defendant does not deny the allegations; (iii) upon the filing of this Consent, Defendant 

hereby withdraws any papers filed in this action to the extent that they deny any allegation in the 

Amended Complaint; and (iv) stipulates solely for purposes of exceptions to discharge set forth in 

Section 523 of the Bankruptcy Code, 11 U.S.C. § 523, that the allegations in the Amended 

Complaint are true, and further, that any debt for disgorgement, prejudgment interest, civil penalty 

or other amounts due by Defendant under the Final Judgment or any other judgment, order, 

Case 1:18-cv-04145-JPC   Document 79   Filed 11/07/23   Page 9 of 73



5  

consent order, decree or settlement agreement entered in connection with this proceeding, is a debt 

for the violation by Defendant of the federal securities laws or any regulation or order issued under 

such laws, as set forth in Section 523(a)(19) of the Bankruptcy Code, 11 U.S.C. § 523(a)(19).  If 

Defendant breaches this agreement, the Commission may petition the Court to vacate the Final 

Judgment and restore this action to its active docket.  Nothing in this paragraph affects 

Defendant’s: (i) testimonial obligations; or (ii) right to take legal or factual positions in litigation or 

other legal proceedings in which the Commission is not a party. 

13. Defendant hereby waives any rights under the Equal Access to Justice Act, the 

Small Business Regulatory Enforcement Fairness Act of 1996, or any other provision of law to 

seek from the United States, or any agency, or any official of the United States acting in his or her 

official capacity, directly or indirectly, reimbursement of attorney’s fees or other fees, expenses, or 

costs expended by Defendant to defend against this action.  For these purposes, Defendant agrees 

that Defendant is not the prevailing party in this action since the parties have reached a good faith 

settlement. 

14. Defendant agrees to waive all objections, including but not limited to, 

constitutional, timeliness, and procedural objections, to the administrative proceeding that will be 

instituted when the Final Judgment is entered. 

15. Defendant agrees that the Commission may present the Final Judgment to the Court 

for signature and entry without further notice. 

  

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Case 1:18-cv-04145-JPC   Document 79   Filed 11/07/23   Page 11 of 73



 

 

 

Exhibit A 

  

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1

          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

UNITED STATES DISTRICT COURT 
SOUTHERN DISTRICT OF NEW YORK 
------------------------------x 
 
UNITED STATES OF AMERICA,                

 
           v.                           18 Cr. 328 (KPF) 
 
ANILESH AHUJA and JEREMY SHOR, 
                               
 

               Defendants.           

                                        Sentence 
------------------------------x 
 
                                        New York, N.Y. 
                                        April 22, 2022 

                                        11:00 a.m. 
 

Before: 

 
HON. KATHERINE POLK FAILLA, 

 
                                        District Judge        
 

APPEARANCES 
 
DAMIAN WILLIAMS 
     United States Attorney for the 

     Southern District of New York 
BY:  ANDREA M. GRISWOLD 
     DANIEL M. GITNER 
     Assistant United States Attorneys 
 
PAUL, WEISS, RIFKIND, WHARTON & GARRISON, LLP (NYC)  
     Attorneys for Defendant Ahuja 
BY:  RICHARD C. TARLOWE 
     ROBERTO FINZI 
       -AND- 
PAUL WEISS (NY) 
     Attorneys for Defendant Ahuja 
BY:  DAVID FRIEDMAN 

 

 

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

             APPEARANCES (Continued) 

 
KIRKLAND & ELLIS LLP (NYC) 
     Attorneys for Defendant Ahuja 

BY:  JOHN P. DEL MONACO 
 
WEDDLE LAW PLLC 
     Attorneys for Defendant Shor 
BY:  JUSTIN S. WEDDLE 
     JULIA I. CATANIA 

      

 
Also Present: Todd Kaneshiro, FBI Special Agent 
 

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

(Case called) 

MS. GRISWOLD:  Good morning, your Honor.  

Andrea Griswold for the government.   

Mr. Gitner will introduce himself.  We are also joined 

by Special Agent Todd Kaneshiro.  

MR. GITNER:  Good morning, your Honor.  

David Gitner for the government. 

THE COURT:  Good morning.  Thank you. We have a number

of folks introducing themselves.

Mr. Tarlowe, I'll begin with you being you were the 

first to stand. 

MR. TARLOWE:  Yes, your Honor.  

Richard Tarlowe and Roberto Finzi on behalf of       

Mr. Ahuja.  Mr. Ahuja is here as well, and we're also joined by 

our colleague David Friedman, as well as John Del Monaco from 

Kirkland & Ellis. 

THE COURT:  Good morning to each of you. 

Mr. Ahuja, good morning to you, sir.   

DEFENDANT AHUJA:  Good morning, your Honor. 

THE COURT:  Mr. Weddle.

MR. WEDDLE:  Good morning, your Honor.  

Justin Weddle and Julia Catania from Weddle Law PLLC, 

and I'm sitting next to my client Mr. Shor. 

THE COURT:  Thank you.  Mr. Shor, good morning to you

as well. 

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

I appreciate you all wearing masks because of your 

proximity to each other.  I'm far enough away from you that I'm 

not wearing one.   

Let me talk to you first about a first couple of 

housekeeping matters, please.  With the masks and with a 

recent, I'll put in quotes, upgrade to the technology of this 

courtroom, it is sometime difficult to hear what's going on.  

If you find it easier to remain seated when you are speaking 

with me, that's fine by me, just please bring the microphone 

close to you.   

Mr. Tarlowe and Mr. Finzi, it was my expectation that 

I would be conducting a plea proceeding at the same time as to 

both defendants.   

Is that your understanding as well? 

MR. TARLOWE:  Yes, your Honor.  We think that makes

sense.

THE COURT:  Mr. Weddle, the same?

MR. WEDDLE:  Yes, your Honor.

THE COURT:  All right.  As many hundreds of pleas as I

have done as a judge and a prosecutor, this is my first

11(c)(1)(C) plea.  And in hoping to get it right, I looked at

some past ones and only found a transcript to one.  In that

case, the sentencing was all one just paragraph where the judge

just said, all right, basically go forward and say no more.

I'd like to have a sense from the parties as to degree 

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

to which I am speaking about the requirements of Rule 32 of the 

Federal Rules of Criminal Procedure.  For example, there have 

been PSRs prepared.  I believe there will be at least some to 

them, and there will be certainly modifications to the 

judgments in this case.  But if I can be colloquial with you, 

how much Rule 32 do you want at sentencing? 

For example, am I inquiring as to your client's 

respective reviews of the PSR?  Will there be written -- or 

excuse me, oral sentencing statements to me, or will the 

parties be simply incorporating that which they said to me at 

the original sentencing, plus whatever is embodied in the 

respective plea agreement?   

I just want to know because I don't want to -- I want 

to do this correctly, and I know how to do a sentencing, but 

this is an unusual sentencing to do.   

Ms. Griswold, what is the government's contemplation 

of what sentencing looks like in this case? 

MS. GRISWOLD:  Thank you, your Honor.

We believe that the Court can rely on the record from 

the prior proceeding and that we don't need a fulsome Rule 32 

inquiry, so long as the defendants are in agreement with that 

and are not requesting the inquiry be done again.  And we would 

not expect to be advocating or arguing at length as to the 

sentencing. 

THE COURT:  At all?

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

MS. GRISWOLD:  If your Honor would indulge us, we have

a very brief statement that I believe Mr. Gitner will offer

when we get there.

THE COURT:  I will keep that in mind.  Thank you.

Mr. Tarlowe, I should have asked.  You just happen to 

be in my line of vision.  Am I directing the questions to you 

or Mr. Finzi this morning? 

MR. WEDDLE:  I think to me, your Honor.

THE COURT:  Thank you, then I just have, towards

sentencing?

MR. TARLOWE:  We're in agreement with the government.

We think it's appropriate for the Court to rely on the existing

record, and we don't think there's any need, unless the Court

has questions, which obviously we're happy to address, but

absent any additional questions, we don't think there's a need

to supplement the current record.

THE COURT:  Thank you.

Mr. Weddle. 

MR. WEDDLE:  I agree with Mr. Tarlowe's position on

this.  And of course, I've spoken to Mr. Shor and he

understands he has a right to be heard, and our plan is to have

him not be heard here at the sentencing proceeding.  I think

we'll have to see what the government's statement is with

respect to sentencing, but we were planning to say nothing

beyond what's already in the record, your Honor.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  Understood.  Perhaps what I'll do then is

I'll simply give you and your respective clients an opportunity

to be heard, understanding that you may waive that right.  And

I will ask for your assistance, it would be my preference to do

this particular proceeding once and not twice.  I imagine you

have the same views, so working together I'm sure we will get

this right.

Mr. Tarlowe, may I speak directly with your client? 

MR. WEDDLE:  Yes, of course, your Honor.

THE COURT:  Thank you.

And, Mr. Weddle, may I speak directly with your 

client?   

MR. WEDDLE:  Yes, your Honor.

THE COURT:  Thank you.  I appreciate your standing.

Mr. Ahuja, begin withing you.  It is my understanding, 

sir, that today you wish to enter a plea of guilty to Count 

Three of the indictment in this case which charges you with 

securities fraud.   

It is that correct, sir? 

DEFENDANT AHUJA:  Yes, it is.

THE COURT:  And that plea today, I understand, is

going to be entered pursuant to a plea agreement with the

government.  Is that also correct?

DEFENDANT AHUJA:  Yes.

THE COURT:  Thank you.  You're welcome to be seated.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

Mr. Shor, the same two questions.  You and I both know 

about the trial.  We were both there.  It is my understanding, 

sir, that in lieu of a second trial in this case, it is your 

wish today to plead to Count Three of the indictment charging 

you with securities fraud.  Am I correct  

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  And, Mr. Shor, is that plea entered

pursuant to a plea agreement?  It will be entered pursuant to a

written plea agreement with the government.

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  You're also welcome to be seated.

Gentleman, before I can accept your guilty pleas, I need to you

ask a series of questions.

Let me speak to you about what purposes generally 

these questions serve.  The first thing that I would like to do 

is to ensure that you are competent to enter a plea of guilty, 

that you can see and hear and understand what is going on in 

this courtroom.   

After that, I would like to review with you the rights 

that you have and that you would be waiving or giving up by 

entering a guilty plea.  I'd like to speak to you about the 

charge to which each of you proposes to plead guilty, and the 

defenses -- excuse me, the penalties associated with that 

charge, and then I intend to ask each of you what it is you did 

that makes you believe that you are guilty of this offense.   

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

What I'd like to underscore today, because I know you 

all for so many years, I think I can say this easily, most 

important thing is that you understand what is happening in 

this courtroom.  If any question that I ask you is confusing or 

if for any reason either of you wishes to speak with your 

attorney, just let me know and we'll pause and we'll take 

whatever time you need to be clear as to the question that I'm 

asking or the response that you wish to give.   

If I don't hear from you, I will understand that you 

are understanding my question and are prepared to answer.   

What I'm going to do now is I'm going to have my 

deputy Ms. Noriega swear both of you in. Thank you.   

(Defendants sworn)  

THE DEPUTY CLERK:  Mr. Ahuja, please state and spell 

your full name. 

DEFENDANT AHUJA:  Anilesh Ahuja, A-N-I-L-E-S-H,

A-H-U-J-A.

THE DEPUTY CLERK:  Thank you.  

Mr. Shor, please state and spell your full name. 

DEFENDANT SHOR:  Jeremy Andrew Shor, J-E-R-E-M-Y,

A-N-D-R-E-W, last name Shor, S-H-O-R.

THE COURT:  Mr. Ahuja and Mr. Shor, the significance

of my having placed you under oath is that if you answer any of

the questions that I'm about to ask you falsely, you may be

prosecuted for a separate offense known as perjury.  

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

As I hinted at I hope at the beginning of this 

proceeding, my intent is to ask these questions once and then 

turn to each of you.   

And Mr. Shor, I know you'll take no offense, I'm 

looking at Mr. Ahuja first because he's on my left.  If the 

roles were reversed, I'd look at you first.  I really don't 

think you care enough being the first or second person to 

answer, and I appreciate you nodding that you do not.   

Mr. Ahuja, do you understand the significance of being 

placed under oath? 

DEFENDANT AHUJA:  Yes.

THE COURT:  Mr. Shor?

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  And again, I take no offense if you wish

to remain seated, so long as the microphones are brought closer

to you.  I will let you decide what is most comfortable for

you.  All that I care about and that the reporter cares about

is that we hear you.

Mr. Ahuja, how old are you? 

DEFENDANT AHUJA:  Fifty-four.

THE COURT:  How far did you go in school, sir?

DEFENDANT AHUJA:  I have undergrad degree in

economics.

THE COURT:  Mr. Shor, how old are you, sir?

DEFENDANT SHOR:  I'm 50 years old.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  And how far did you go in school, sir?

DEFENDANT SHOR:  I have a Ph.D.

THE COURT:  This question or this discussion is really

directed more to counsel.  Counsel, in connection with each of

the sentencings in this case, I was given information about

medical and/or mental health issues regarding each of the

defendants in this case.

Assuming you agree, I would not actually require them 

to site any condition they may have on the record.  What I 

would do instead is to recognize that I have looked at and 

refreshed my recollection as to any medical or mental health 

conditions they may have cited to me in connection with their 

sentencing, and simply to ask whether as a result of those 

conditions or any medication they are taking for them, they 

have any difficulty seeing, hearing or understanding.   

Mr. Tarlowe, is that acceptable to you? 

MR. TARLOWE:  Yes, your Honor, it is.

THE COURT:  Mr. Weddle?

MR. WEDDLE:  Yes, your Honor.

THE COURT:  Thank you.

Mr. Ahuja, you know about any medical or mental health 

conditions that you may have and the medications that you are 

taking for them.  My question to you this morning, sir, is 

whether any of those conditions or the medications you may take 

for them causes you any difficulty in seeing or hearing or 

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

understanding these proceedings? 

DEFENDANT AHUJA:  No, your Honor.

THE COURT:  Mr. Shor, the same question.  Is there any

condition that you have or medication that you are taking that

impairs in any way your ability to see or hear or understand

these proceedings?

DEFENDANT SHOR:  No, your Honor.

THE COURT:  Mr. Ahuja, have you ever been treated or

hospitalized for any form of addiction, including drug or

alcohol addiction?

DEFENDANT AHUJA:  No, your Honor.

THE COURT:  Mr.  Shor?

DEFENDANT SHOR:  I have, your Honor.

THE COURT:  And is there anything about -- right now

today, is there anything about any treatment protocol you may

have received in the past that would impair your ability to

see, to hear or to understand what is happening today?

DEFENDANT SHOR:  There is not, your Honor.

THE COURT:  Thank you.

Mr. Ahuja, in the past two days, have you taken any 

drug or medicine or pill that would impair your ability to 

understand these proceedings? 

DEFENDANT AHUJA:  No, your Honor.

THE COURT:  Mr. Shor, the same question?

DEFENDANT SHOR:  No, your Honor.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  Mr. Ahuja, is your mind clear this

morning, sir?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  You understand what is happenings in these

proceedings?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor, is your mind clear today, sir?

DEFENDANT SHOR:  Crystal, your Honor.

THE COURT:  And, sir, do you understand what is

happening in these proceedings?

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  Mr. Tarlowe, have you had a sufficient

opportunity along with your colleagues to discuss this matter

with Mr. Ahuja?

MR. TARLOWE:  Yes, your Honor, we have.

THE COURT:  Do you believe he understands the rights

that he has and would be waiving by entering a plea of guilty?

MR. TARLOWE:  Yes.

THE COURT:  Do you believe him capable of

understanding the nature of these proceedings?

MR. TARLOWE:  Yes.

THE COURT:  Mr. Tarlowe, do you have any doubt as to

Mr. Ahuja's competence to enter a plea of guilty if that's what

he wishes to do?

MR. TARLOWE:  No, your Honor.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  Mr. Weddle, have you had a sufficient

opportunity along with your colleague to discuss this matter

with Mr. Shor?

MR. WEDDLE:  Yes, your Honor.

THE COURT:  Do you believe he understands the rights

that he has and would be waiving by entering a plea of guilty?

MR. WEDDLE:  Yes, your Honor.

THE COURT:  Do you believe he is capable of

understanding these proceedings?

MR. WEDDLE:  Yes, your Honor.

THE COURT:  If your client wishes to plead guilty, do

you have any doubt as to his competence to do so?

MR. WEDDLE:  I do not, your Honor.

THE COURT:  Ms. Griswold, do you have any doubt as to

either defendants' competence to plead guilty if he wishes to

do so?

MS. GRISWOLD:  I do not.

THE COURT:  Mr. Ahuja and Mr. Shor, based on our

discussions this morning, which would include both your answers

to my questions and my observations of your demeanor here in

court, and based as well on the conversations that I've had

with your attorneys and with the attorney for the government, I

find that you are fully competent to enter an informed plea of

guilty if you wish to do so.

I'm going to ask you a few questions about the 

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

indictment in this case.  And let me explain to both of you 

that from time to time I will be asking about discussions that 

you've had with your attorney.   

When I do so, I'm not asking for the details of those 

communications.  I'm not trying at all to invade the 

attorney/client privilege.  What I'm doing is trying to ensure 

that certain topic matters were covered by your attorney with 

you, so please keep that in mind when I ask these questions.   

I begin by asking, Mr. Ahuja, have you read the 

indictment in this case? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor?

DEFENDANT SHOR:  I have, your Honor.

THE COURT:  And have you, Mr. Ahuja, had the

sufficient opportunity to speak with your attorney about the

charge to which you intend to plead guilty and any defenses

that you may have to that charge?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor?

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  Without giving me the details of the

communication, has your attorneys explained to you the

consequences of entering a plea of guilty?

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  Yes, your Honor.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  Are you satisfied with your attorneys'

representation of you in this matter?

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  What I will do now, gentleman, is to speak

with you about certain Constitutional rights that you have and

that you would be waiving or giving up by entering a guilty

plea.

I appreciate your attention thus far, and I imagine 

you will continue to pay attention, and please let me know if 

there's anything that is unclear or any reason why you wish to 

speak with your attorneys before answering.   

Under the Constitution and laws of the United States, 

you have the right to continue with your plea of not guilty to 

all of the charges contained in the indictment.   

Do you understand that, Mr. Ahuja? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor?

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  If you continued with your plea of not

guilty, you would be entitled to a speedy and public trial by a

jury on the charges contained in the indictment in this case.

Do you understand that, sir?

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  Yes, your Honor.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  At a trial, you would be presumed to be

innocent, and the government would be required to prove you

guilty by competent evidence beyond a reasonable doubt before

you could be found guilty.

Do you understand that, sir? 

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  A jury of 12 people would have to agree

unanimously that you were guilty of the offenses charged in the

indictment.  You would not have to prove that you were innocent

if you were to proceed to trial.  

Do you understand that? 

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  At a trial and at every stage of your

prosecution, you are entitled to the assistance of an attorney.

If and to the extent that you cannot afford one, one would be

appointed for you at public expense, free of cost to you in

order to represent you.

Do you understand that? 

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  At a trial, the witnesses for the

government would have to come to court and testify in your

presence.  Your attorney could cross-examine the witnesses for

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

the government.  Your attorneys could object to evidence

offered by the government, and they could offer evidence on

your behalf if you wanted them to do so.

You would also have the right to have subpoenas issued 

or other documents or process used in order to compel witnesses 

to testify in your defense.   

Do you understand that? 

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  At a trial, you would have a right to

testify if you wanted to do so, and you would have the right

not to testify if you wanted not to do so.

If you decided not to testify, no one, including the 

jury, could draw any inference or suggestion of guilt from your 

decision not to testify.   

Do you understand that? 

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  Another consequence of entering a guilty

plea in this particular fashion is that you waive or give up

your right to seek suppression or exclusion of the government's

evidence against you.  Are you aware of that?

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  Have you had a sufficient opportunity to

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

discuss with your attorneys whether there is a basis to seek

suppression of part or all of the government's evidence against

you?

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  Do you understand that if you were

convicted after a trial, you would have the right to appeal

from the jury's verdict?

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  Do you understand also that even now as

you are entering this guilty plea, you have the right to change

your mind and to proceed with your previously entered pleas of

not guilty and to go to trial on the charges contained in this

indictment?

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  If you plead guilty and if I accept your

guilty plea, you will give up your right to trial and the other

rights that I've been discussing with you, other than your

right to an attorney, because you have the right to an attorney

whether you plead guilty or go to trial.

But if you plead guilty and if I accept your guilty 

plea, there will be no trial and I will enter a judgment of 

guilty, and I will sentence you based on your plea today and 

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

whatever discussions we have regarding the sentencing 

proceedings today.   

Mr. Ahuja, do you understand that? 

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  If you plead guilty, there is also a

degree to which you will have to give up your right not to

incriminate yourself, because I will ask you questions later in

this proceeding to confirm for myself that you are pleading

guilty because you are in fact guilty of this offense charged

in Count Three and not for some other reason.  You will have to

admit and acknowledge your guilt of the offense charged in

Count Three.  

Do you understand that? 

DEFENDANT AHUJA:  Yes, your Honor.

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  Mr. Ahuja, do you understand the rights

that I have been discussing with you for the past few minutes?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Is it your wish today to give up your

right for trial and the other rights that I've been discussing

with you and enter a plea of guilty?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor, do you understand each of the

rights that I've been discussing with you?

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  Is it your wish today, sir, to give up

your right to trial and the other rights that I've been

discussing with you and enter a plea of guilty to Count Three

of the indictment.

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  I'm now speaking to both of you.  You are

charged in Count Three with securities fraud, and that is in

violation of Title 15, United States Code, Sections 78j(b) and

78ff, Title 17, Code of Federal Regulations, Section

240.10(b)(5), and Title 18, United States Code, Section 2. I

ask you to listen to me now because I'm going to outline for

you the elements of offense of securities fraud.

If this case were to proceed to trial, the government 

would have to prove the following elements beyond a reasonable 

doubt:   

First, that in connection with the purchase or sale of 

securities, you employed a scheme, device or artifice to 

defraud or made an untrue statement of a material fact or 

omitted to state a material fact which made what was said under 

the circumstances misleading, or engaged in an act, practice or 

course of business that operated or would operate as a fraud or 

deceit upon a purchaser or seller.   

Second, that you acted knowingly, willfully and with 

the intent to defraud; and third, that you knowingly used or 

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

caused to be used any means or instruments of transportation or 

communication in interstate commerce or the use of the mails in 

furtherance of the fraudulent conduct.   

The government would also be required to prove venue 

by a preponderance of the evidence.   

Do you understand, Mr. Ahuja, that if you were to go 

to trial, that is what the government would have to prove at 

trial? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor?

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  What I would like to do now, gentleman, is

to speak to you about the maximum possible penalties that are

associated with Count Three of the indictment, and I'm using

the term "maximum" deliberately.  I mean the most that could

possibly be imposed.  This is not to suggest that this is what

you're necessarily going to receive, but I just want to make

sure you understood what the maximum penalties were.  And I'm

going to begin by discussing possible restrictions on your

liberty.

The maximum term of imprisonment for the offense 

charged in Count Three is 20 years imprisonment.   

Do you understand that, Mr. Ahuja? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor, do you understand that?  

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  Any term of imprisonment could be followed

by a term of up to three years of supervised release, and let

me just explain to you both what I mean when I use the term

"supervised release."  It is a period of time where one is

subject to supervision by the United States probation office.

There would be terms and conditions of supervised release that

one would have to follow.  

If the person were to violate the terms and conditions 

of supervised release, the possibility exists that that person 

could be sent to prison without a jury trial to serve time on 

the violation of supervised release.  If that were the case, 

they would get no credit for the time that had served on any 

prior prison sentence.  They would get no credit for time spent 

on post-release supervision in compliance with the terms of 

supervised release.   

Mr. Ahuja, do you understand what I'm saying on the 

concept of supervised release? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor?

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  Please understand as well, there is no

parole in the federal system.  If you were sentence to a term

of imprisonment, you would not be released early on parole.

There is an opportunity to earn credit for good behavior and

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

that amount tends to vary, so I say as an average that for

terms of imprisonment, one would have to serve approximately 85

percent of the term to which they are sentenced.

Mr. Ahuja, do you understand that?   

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor?

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  In addition to potential restrictions on

your liberty, the maximum possible punishment also includes

certain financial penalties.

The maximum allowable fine is the greatest of these 

three things; $5 million, twice the gross pecuniary gain 

derived from the offense, or twice the gross pecuniary loss to 

persons other than yourself.  I must order a mandatory special 

assessment of $100 per count of conviction.   

In certain circumstances, there may be restitution 

obligations if there are individuals who are injured or 

entities that are injured, and there are other circumstances of 

forfeiture obligations. I do not believe either is appropriate 

today.   

Mr. Ahuja, do you understand that these potential 

restrictions on your liberty and these potential financial 

penalties are the maximum possible penalties associated with 

the Count Three offense? 

DEFENDANT AHUJA:  Yes, your Honor.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  Mr. Shor?

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  Gentleman, I'm going to ask you questions.

And my experience is that not all of these questions are

applicable to everyone.  I do want to make sure, however, that

I ask them, and I will begin by asking, Mr. Ahuja, are you a

United States citizen?

DEFENDANT AHUJA:  Yes, I am.

THE COURT:  Were you born here or naturalized?

DEFENDANT AHUJA:  I was naturalized, your Honor.

THE COURT:  In certain circumstances, though I don't

believe in this one, a guilty plea can have adverse immigration

consequences, including the possibility of detention by

immigration authorities or removal or deportation from the

United States.

Have you had an opportunity to discuss with your 

attorneys whether there might be any immigration consequences 

as result of this guilty plea? 

DEFENDANT AHUJA:  I have, your Honor.

THE COURT:  Is it still your wish today, sir, to plead

guilty?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor, are you a United States?

DEFENDANT SHOR:  I am, your Honor.

THE COURT:  Were you born here, sir?

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

DEFENDANT SHOR:  I was, your Honor.

THE COURT:  Then I will ask you a different set of

questions, and you're welcome to stand if you like and I'll

just ask Mr. Ahuja them in a moment.

Do you understand that as a result of this guilty 

plea, you could lose certain valuable civil rights, to the 

extent that you have them today or could obtain them in the 

future.  These would include the right to vote, the right to 

hold public office, the right to serve on a jury and the right 

to possess a firearm. 

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  Thank you.  You're welcome to be seated,

sir.

Mr. Ahuja, you just heard me review with Mr. Shor the 

potential civil consequences of a guilty plea.  Were you able 

to hear me, sir? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Are you aware that as a result of your

guilty plea, you also might lose these civil rights?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  And it is still your wish to go forward?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Tarlowe, it is my understanding that

there are no other outstanding prosecutions of Mr. Ahuja; am I

correct?

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

MR. TARLOWE:  Yes, your Honor, that is correct.

THE COURT:  Is there an outstanding SEC proceeding?

MR. TARLOWE:  There is, Judge.

THE COURT:  Thank you.

And, Mr. Weddle, the same two questions? 

MR. WEDDLE:  Same answers, your Honor.

THE COURT:  Thank you.

Mr. Ahuja, please understand that resolving the case 

before me doesn't resolve any other matters that you may have, 

including any parallel proceedings in this case.   

Do you understand that, sir? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  And, Mr. Shor, do you understand?

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  Mr. Ahuja, this is a bit of an unusual

case given the manner in which it is being resolved, but I

would still like to know whether you have discussed the process

of sentencing with your attorneys?

DEFENDANT AHUJA:  Yes, I have, your Honor.

THE COURT:  And you and I have already been together

for a prior sentencing proceeding, so my understanding is that

you are familiar with the obligations that I have and the

considerations that I undertake in imposing an individualized

sentence; is that correct?

DEFENDANT AHUJA:  Yes, your Honor.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  Mr. Shor, do you recall as well speaking

with your attorneys about the process of sentencing?

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  And we have gone through the process once

before, so you have familiarity with my obligations and the

role that each of us plays at sentencing?

DEFENDANT SHOR:  I do, your Honor. 

THE COURT:  Mr. Ahuja, I understand that there is a

written plea agreement entered into between you and your

attorneys and the attorneys for the government; is that

correct?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  In connection with this proceeding, I've

been given a letter dated March 9 of 2022 from Ms. Griswold and

Mr. Gitner to your attorneys Mr. Finzi and Mr. Tarlowe and

Mr. Friedman.  It has the docket number of this case, your

name, and I'm going to hold up a copy, but I'll ask, do you

have a copy of that document, sir?

DEFENDANT AHUJA:  Yes, I do, your Honor.

THE COURT:  I can see it from here.  We see it is the

same thing, sir.  I'm marking my copy as Court Exhibit 1 just

so that you understand.

The copy that I have, sir, has six pages.  Perhaps 

yours also has six pages? 

DEFENDANT AHUJA:  Yes, it does, your Honor.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  Can I ask you please to turn to page 6,

sir?

DEFENDANT AHUJA:  I'm there, your Honor.

THE COURT:  On the version that I have, I have four

signatures.  Does your page 6 also have four signatures on it,

sir?

DEFENDANT AHUJA:  Yes, it does, your Honor.

THE COURT:  Is one of those signatures yours?

DEFENDANT AHUJA:  Yes, it is, your Honor.

THE COURT:  Did you sign this document in or about the

last day or so in the presence of your attorney?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Before you signed this document, did you

read it?

DEFENDANT AHUJA:  Yes, I did, your Honor.

THE COURT:  If you had any questions about it, were

you able to resolve those issues with your attorney?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  At the time you signed this document, did

you understand what it provided?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  And just to reiterate, you understand this

to be your written plea agreement with the government?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor, I also have a letter also dated

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

March 9 of 2022, to Mr. Weddle from the United States

Attorney's Office, Ms. Griswold and Mr. Gitner.  It contains as

well a reference to your name and the docket number in this

case.  Do you have a copy of that document in front of you,

sir?

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  I see that is the same document. 

Sir, is this your plea agreement with the government? 

DEFENDANT SHOR:  I believe so, your Honor.

THE COURT:  I'll ask you to confirm with your attorney

that it is.

DEFENDANT SHOR:  It is, your Honor.

THE COURT:  Sir, I've marked this as Court Exhibit 2,

and I'm going to ask you, please, to turn to the last page of

this document, which I see you are at already.  It is for both

of us page 6.

Are there four signatures on your version of this 

document, sir? 

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  Is one of them yours?

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  Did you sign this today in the presence of

your attorney?

DEFENDANT SHOR:  I did not, your Honor.

THE COURT:  Did you sign this yesterday, sir? 

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

DEFENDANT SHOR:  I signed it yesterday.

THE COURT:  I see that it was signed today.

Before you signed this document, did you read it? 

DEFENDANT SHOR:  I did, your Honor.

THE COURT:  To the extent you had any questions about

it, were you able to resolve those by speaking with your

attorneys?

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  At the time that you signed this document,

did you understand its contents?

DEFENDANT SHOR:  I did, your Honor.

THE COURT:  Thank you.

One of the features of each of these agreements is 

that you have agreed on the guidelines range that applies in 

this case, and this is my understanding.  You are agreeing that 

the guidelines range that's calculated at your prior sentencing 

proceeding adjusted to a count for acceptance of responsibility 

can be used for today's purposes.   

Mr. Shor, do I understand that correctly?  

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  I'm sorry, Mr. Ahuja.  I knew I was going

to do that.  I won't do it again. Thank you, sir.  I'll look at

you and say the right name.

Is that in fact your understanding of this agreement? 

DEFENDANT AHUJA:  Yes, your Honor.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  Mr. Shor?

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  Thank you.

And so let me ask the parties, there's a discussion 

about the accounting for acceptance of responsibility. Perhaps 

this is an academic issue.  It was my intent to reduce by three 

levels, because even though there was a trial in this case, I'm 

being advised well before a second trial of the desire to plead 

guilty.   

But let me please ask counsel if they have a different 

view as to the appropriate acceptance credit? 

MS. GRISWOLD:  We agree, your Honor, it should be

three points.

THE COURT:  Mr. Tarlowe?

MR. TARLOWE:  We agree.

THE COURT:  And Mr. Weddle?

MR. WEDDLE:  We agree.

THE COURT:  Mr. Ahuja, the sentence guidelines were

previously calculated at 262 to 327 months.  With a three-level

reduction for acceptance of responsibility, they are

recalculated as 188 to 235 months.  

At Mr. Shor's sentencing proceeding, the guidelines 

were calculated as 168 to 210 months.  And with a three-level 

reduction for acceptance of responsibility, they are now 

recalculated as 121 to 151 months.   

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

Mr. Ahuja, in your plea agreement you and the 

government have agreed upon a sentence, and that sentence is a 

sentence of time served with no following term of supervised 

release, no fine, no forfeiture and no restitution.   

Is that your understanding of the sentence to which 

you have agreed with the government? 

DEFENDANT AHUJA:  Yes, it is, your Honor.

THE COURT:  Do you understand, sir, that because this

proceeding and this plea agreement are both being done under

Federal Rule of Criminal Procedure 11(c)(1)(C), I may accept or

reject your plea agreement.  

Do you have that understanding? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  If I accept your plea agreement, I am

required to impose the sentence that you and the government

have agreed to and that I have just described.

Do you understand that, sir? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Do you also understand that if I reject

the agreement, you would have the right to withdraw your guilty

plea?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  I also understand that you and the

government have agreed that if I were to reject your plea

agreement or you were to withdraw your guilty plea, the plea

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

agreement that we've been talking about and that I've marked as

Court Exhibit 1 will become null and void.  

Do you understand that, sir? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  In your plea agreement, you are waiving

your right to appeal or otherwise challenge a sentence of time

served and a special assessment that is less than or equal to

$100.  

In other words, if I sentence you to time served and 

if I order a special assessment of $100 or something less than 

that, you would have no right to appeal or otherwise challenge 

those components of that sentence.   

Do you understand that, sir? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor, let me please turn to you.

You also have entered into a plea agreement pursuant 

to the Federal Rule of Criminal Procedure 11(c)(1)(C), you and 

the government have agreed upon the same sentence that I just 

previewed with Mr. Ahuja, which is a sentence of time served, 

no term of supervised release, no fine, no forfeiture and no 

restitution.   

Is that your understanding of the sentence to which 

you and the government have agreed? 

DEFENDANT SHOR:  It is, your Honor.

THE COURT:  And under Rule 11(c)(1)(C), I may accept

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

or reject your plea agreement.  

And just to reiterate what I said with Mr. Ahuja, if I 

accept the plea agreement, I am required to impose the sentence 

to which you and the government have agreed and that I've just 

described.  And if I reject your plea agreement, you will have 

the right to withdraw your guilty plea.   

Do you understand each of those things, sir? 

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  Please also understand that you and the

government have agreed that if I reject your plea agreement or

if you were to withdraw your guilty plea, the plea agreement

will become null and void.  

Do you understand that, sir? 

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  In your plea agreement -- and perhaps what

I should have done is just -- this is on page -- for me page 3

of the plea agreement.  It looks like page 3 for each of you.

It's the first of the other provisions, and it is a series of

waivers.  So perhaps I should have asked this.  

Mr. Shor, have you read this paragraph of the plea 

agreement? 

DEFENDANT SHOR:  I have, your Honor.

THE COURT:  And you understand, sir, that in this

paragraph, you have waived your right to appeal or otherwise

challenge a sentence of time served and/or a special assessment

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

that is less than or equal to $100.  

So if I were to sentence you to time serve and order a 

special assessment of $100 or less, you would have no right to 

appeal or otherwise to challenge those components of your 

sentence.  Is that correct? 

DEFENDANT SHOR:  That's correct, your Honor.

THE COURT:  Mr. Ahuja, I should have asked you a

moment ago, sir, whether you understood these provisions.  I

could point them out to you in the agreement.  I see that

you're looking at them as I'm talking to you.

Do you know specifically the paragraph to which I was 

referring when I asked you those questions  

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Ms. Griswold, are there specific

provisions of this plea agreement that you would like me to

call to the attention of either defendant in this case?

MS. GRISWOLD:  No, your Honor, not other than what

you've already done with respect to the appellate waiver.

THE COURT:  All right.

Mr. Ahuja, does this plea agreement that I've marked 

as Court Exhibit 1 constitute your complete and total 

understanding of the entire agreement that you have with the 

government? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Sir, has anything been left out of this

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

agreement to the best of your knowledge?

DEFENDANT AHUJA:  No, your Honor.

THE COURT:  Other than what's contained in this

agreement, has anyone made you any promise or offered you any

type of inducement in order to get you to sign this agreement

or to plead guilty in this case?

DEFENDANT AHUJA:  No, your Honor.

THE COURT:  Has anyone forced you or threatened you to

sign this agreement or to plead guilty in this case?

DEFENDANT AHUJA:  No, your Honor.

THE COURT:  Mr. Shor, does your written plea agreement

which has been marked as Court Exhibit 2 constitute your

complete and total understanding of the entire agreement that

you have with the government?

DEFENDANT SHOR:  It does, your Honor.

THE COURT:  To the best of your knowledge, sir, has

anything been left out?

DEFENDANT SHOR:  No, your Honor.

THE COURT:  Other than what's contained in this

agreement, has anyone made you any promise or offered you any

type of inducement in order to get you to sign this agreement

or to plead guilty here today?

DEFENDANT SHOR:  No, your Honor.

THE COURT:  Has anyone threatened you or forced you to

sign this agreement or to plead guilty here today?

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

DEFENDANT SHOR:  No, your Honor.

THE COURT:  Mr. Ahuja, just in the interest of

completeness, we've been talking about various provisions of

the agreements and I see that in addition to the ones that I

specifically discussed with you, there is an agreement that the

parties have that if this plea were entered into and accepted,

there would be the withdrawal of certain appeals currently at

the United States Court Of appeals for the Second Circuit.  

That is on page 2 of the agreement in the paragraph 

that begins, "It is further agreed."  May I direct your 

attention to that page, sir.  You're there.  Thank you.   

Mr. Ahuja, is it in fact the case that upon acceptance 

of the plea and this agreement by the district court, the 

parties will be executing stipulations regarding the dismissal 

of the two appeals or the withdrawal of the two appeals? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Have I misstated it?

MS. GRISWOLD:  Yes. Both parties have already filed

stipulations in the Circuit so as to return jurisdiction to

your Honor.  The stipulations indicate that if the pleas are

not accepted, that the appeals can be re-filed, but at this

point they have been withdrawn.

THE COURT:  All right.

Mr. Tarlowe, do you agree? 

MR. TARLOWE:  Yes, your Honor.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  And Mr. Weddle, do you agree?

MR. WEDDLE:  Yes, your Honor.

THE COURT:  All right.  Mr. Weddle, given that, do I

still need to review this paragraph with your client?

MR. WEDDLE:  No, your Honor.

THE COURT:  Mr. Ahuja, at this time I would like you

to tell me in your own words what it is that you did that makes

you believe that you are guilty of Count Three in the

indictment.

I will ask you this favor, sir.  Again, just given the 

acoustics of this courtroom, I'll ask you, please, to speak 

into the microphone and to speak slower and louder than you 

think you need to, and you may begin when you're ready. 

MR. TARLOWE:  Your Honor, before Mr. Ahuja does that,

I would note for the Court what I think will be apparent to

your Honor, Mr. Ahuja is reading from a document that was

prepared with the assistance of counsel, but does reflect

Mr. Ahuja's own thoughts and words, and we also previously

shared this with the government as well.

THE COURT:  Okay.  Mr. Ahuja, I actually was going to

ask you that question.  Let me just confirm, sir.  Irrespective

of who wrote these notes down, they are in fact your thoughts?

DEFENDANT AHUJA:  Yes, your Honor, these are my

thoughts.

THE COURT:  I will hear them now.  Thank you.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

DEFENDANT AHUJA:  In or about 2008, I co-founded

Premium Point Investments, or PPI, where I served as chief

executive officer and chief investment officer.  As a member of

PPI's investment committee, I was generally aware of the marks

that were used to compute the net asset of PPI's funds.  I also

worked with others at PPI to report the net asset value to

investors based on the marks provided by PPI's traders.

Beginning in or around the fall of 2015, I came to 

understand that there was a high probability that the net asset 

value of the New Issue Opportunity Fund was not being 

calculated through strict adherence by PPI's traders to PPI's 

valuation policy.   

Despite having that understanding, I continued 

reporting the net asset value to investors and consciously 

failed to investigate the possibility of non-compliance with 

PPI's valuation policy in the New Issue Opportunity Fund.   

As a result, between the fall of 2015 and early 2016, 

I was aware that there was a high probability that the net 

asset value of the New Issue Opportunity Fund was not being 

calculated and reported to investors in accordance with PPI's 

valuation policy, and I consciously avoided confirming that 

fact. 

THE COURT:  Sir, at the time that this was taking

place, where were your offices located?

DEFENDANT AHUJA:  On 56 and 5th.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  At the time that you engaged in this

conduct, did you understand that what you were doing was wrong

and illegal?

DEFENDANT AHUJA:  I was aware.  I was aware that there

was a high probability that the NAV of the fund was being

calculated in a way that was not consistent with the

investors -- what the investors had been told, and it was wrong

for me not to follow-up on that.

THE COURT:  Mr. Ahuja, may I understand that in the

business of PPI and in the communications with investors, there

were ways in which interstate commerce or interstate wires were

implicated, either the use of wires to communicate this

information, telephone calls, things of that nature or the use

of national securities exchange?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Which of those, please?

DEFENDANT AHUJA:  Telephone and emails.

THE COURT:  Mr. Tarlowe, do you know of any valid

defense that would prevail at trial or any reason why your

client should not be permitted to plead guilty?

MR. TARLOWE:  No, your Honor.

THE COURT:  Ms. Griswold, are there additional

questions that you would like me to ask of Mr. Ahuja?

MS. GRISWOLD:  No, your Honor.  We just note that we

also believe it's proper that your Honor consider the entire

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

factual record before the Court, including the evidence at the

prior trial in determining whether or not there is a sufficient

factual basis for the plea.

THE COURT:  It is precisely for that reason that

unless the parties ask me to do so, I'm not going to ask the

government to outline for me the evidence it would present at

trial, because we have in fact seen that evidence.  All right.

Mr. Ahuja, do you understand that as I consider 

whether there's a sufficient factual record for a guilty plea 

in this case, I may consider everything that you've said to me 

right now, and I may consider the evidence that was presented 

at trial? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Tarlowe, do you agree that there is a

sufficient factual predicate for a guilty plea?

MR. TARLOWE:  Yes, your Honor.

THE COURT:  Do you know of any reason why I should not

accept your client's plea of guilty?

MR. TARLOWE:  No, your Honor.

THE COURT:  Ms. Griswold, do you agree that there is a

sufficient factual predicate for a guilty plea by Mr. Ahuja to

Count Three of the indictment?

MS. GRISWOLD:  I do, your Honor.

THE COURT:  If he wishes to plead guilty, is there any

reason why I should not accept it?

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

MS. GRISWOLD:  No, your Honor.

THE COURT:  Mr. Ahuja, at this time do you wish to

enter a plea of guilty to Count Three of indictment S1:18 CR

328?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Thank you.  You're both welcome to be

seated.

Mr. Shor, at this time I would like to hear from you 

with respect to what it is you did that makes you believe that 

you are guilty of the offense charged in Count Three of the 

indictment.   

May I ask, sir, do you also have notes to aid you in 

speaking with me this morning? 

DEFENDANT SHOR:  I do.

THE COURT:  Irrespective of who wrote them up, are

they your thoughts?

DEFENDANT SHOR:  They are my thoughts.

THE COURT:  I will ask you as I asked Mr. Ahuja,

please be mindful of the acoustical limitations of this room

and to speak louder and slower than you think you need to, and

please speak when you are ready, sir.

DEFENDANT SHOR:  Thank you, your Honor.  

Between approximately April of 2014 and March of 2016, 

I was a trader for the mortgage credit fund at Premium Point 

Investments.   

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

The month-end net asset value, or NAV, of the mortgage 

credit fund was an important measure of the fund's performance 

and was disseminated to investors and potential investors 

through the mail and interstate wire communications.   

Beginning in or about the fall of 2015, as part of the 

month-end NAV calculation process, I obtained pricing data 

which resulted in an NAV I believed was too high.   

I did two things which led to this result.   

I pressured brokers to provide security specific marks 

which were higher than where I thought they should have been.  

I knew that brokers had an incentive to provide favorable marks 

to me in the hopes of obtaining business in the form of trades.   

Second, I obtained sector spreads I knew would result 

in higher security specific prices, even though market bids for 

the securities were decreasing, by using PPI's mid-level 

pricing system, in which for some bonds half of the bid-ask was 

combined with the bid side marks as a lever.  

I believe that the valuations conveyed to the 

investors exceeded my best estimate of the valuations for 

certain of the bonds I traded.   

I participated in these efforts despite thinking they 

were wrong, and knowing that the increase valuations would be 

conveyed to investors and potential investors and relied upon 

them.  Thank you, your Honor. 

THE COURT:  Thank you, sir.

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45

          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

Mr. Shor, while you're standing, when you were having 

these conversations with brokers, when you were engaged in the 

process or your participation in calculating net asset values, 

were you located at least in part in Manhattan? 

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  And you heard me ask Mr. Ahuja about

whether wires, faxes, telephone calls, things of that nature,

were implicated by the communications in which he was involved.

In your communications with brokers, sir, regarding these net

asset values or in the dissemination of these net asset values

to investors, did that involve wires, emails, telephones,

things of that nature, sir?

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  Mr. Weddle, do you know of any valid

defense that would prevail at trial or any reason why your

client should not be permitted to plead guilty?

MR. WEDDLE:  There's no reason that my client should

not be permitted to plead guilty, your Honor.

THE COURT:  Ms. Griswold, are there additional

questions you would like me to ask of Mr. Shor?

MS. GRISWOLD:  No, your Honor.

THE COURT:  Mr. Weddle, you heard Ms. Griswold say

earlier that I might consider the trial record.  I don't know

that I need to because I believe that these allocutions

suffice, but do you have a view as to my ability to do that

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

here?

MR. WEDDLE:  I agree that that is permitted, your

Honor.

THE COURT:  Mr. Weddle, do you agree that there is a

sufficient factual predicate for a guilty plea in this case?

MR. WEDDLE:  I do, your Honor.

THE COURT:  If your client wishes to plead guilty, is

there any reason why I should not accept it?

MR. WEDDLE:  There is not, your Honor?

THE COURT:  Ms. Griswold, the same two questions?

MS. GRISWOLD:  No reason not to accept it, your Honor.

THE COURT:  And there's a factual predicate?

MR. ROBINSON:  Yes, your Honor.

THE COURT:  Of course.  I should have asked you both

questions.

Mr. Shor, at this time do you wish to enter a plea of 

guilty to Count Three of indictment S1:18 CR 328? 

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  Thank you, sir.  You may be seated.

Mr. Ahuja and Mr. Shor, because you have acknowledged 

that you are in fact guilty as charged in Count Three of the 

indictment, because I am satisfied that you are aware of your 

rights, including your rights, your respective rights to go to 

trial and that you're aware of the consequences of your plea, 

including the range of penalties or the sentence in this case 

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

that may be imposed, I find that you are knowingly and 

voluntarily pleading guilty.   

I am accepting your guilty pleas, and I am entering a 

judgment of guilty for each of you on Count Three of the 

indictment.  It is my understanding that the parties today wish 

to proceed to sentencing.   

Mr. Tarlowe, is it sufficient for me to say that you 

and your client have reviewed the presentence investigation 

report in this case.  You are asking for the guidelines in that 

report to be recalculated to reflect the acceptance of 

responsibility credit, and that otherwise there's nothing else 

to discuss with respect to the presentence investigation 

report? 

MR. TARLOWE:  Yes, your Honor.  I think that's all

correct, yes.

THE COURT:  Let me try and break it down because I

don't want to be confusing, you'll all let me know if these are

things that you think we simply do not have to discuss, but

we've had a sentencing.  There is a PSR.

Mr. Tarlowe, may I question your client specifically 

on this? 

MR. TARLOWE:  Yes, of course, your Honor.

THE COURT:  Mr. Ahuja, I've used the term "presentence

investigation report or PSR," do you know what I was speaking

of?

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48

          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Do you recall reviewing it previously in

this case?

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  I believe the parties are asking me to

recalculate the guidelines in light of the acceptance of

responsibility credit that you and Mr. Shor have each become

entitled to as a result of these guilty pleas.  I understand

that those will be changed, but do you have any other

objections to the presentence investigation report?

DEFENDANT AHUJA:  No, your Honor.

THE COURT:  Mr. Tarlowe?

MR. TARLOWE:  Your Honor, this is probably

unnecessary, but I think the only thing I just wanted to add is

that to the extent we objected previously to certain findings

in the presentence report, we're now waiving those objections;

however, we recognize that the Court has already ruled on

those, has already previously calculated the guidelines, and we

have no objection to the Court relying on those prior findings

and the prior guidelines calculation with the one adjustment

for acceptance of responsibility.

THE COURT:  Thank you.

Mr. Weddle, do you feel the same? 

MR. WEDDLE:  Yes, your Honor.

THE COURT:  Thank you.  

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49

          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

And, Mr. Weddle, may I speak with Mr. Shor? 

MR. WEDDLE:  Yes, your Honor.

THE COURT:  Mr. Shor, in our prior sentencing

proceeding there was a presentence investigation report that

was prepared.  You recall our discussions about it.  We've

had -- there were legal arguments and other arguments.  You

recall as well in the prior sentencing that I made certain

findings about the presentence investigation report.  Do you

have that recollection, sir?

DEFENDANT SHOR:  I do, your Honor.

THE COURT:  What I'm being asked to do now as a

consequence of the guilty plea I've just taken from you and

from Mr. Ahuja, is to modify my guidelines calculation to

reflect the acceptance of responsibility, but otherwise I'm not

planning on making further adjustments to the presentence

investigation report, except to the extent they relate to the

calculation of the guidelines.  Your prior objections are what

they were.

Are there any additional objections that you make to 

the presentence investigation report, sir  

DEFENDANT SHOR:  No, your Honor.

THE COURT:  Then accept as modified.  I am adopting

the presentence investigation report for each defendant as

previously done.  I will simply change the guidelines to

reflect the acceptance of responsibility.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

Ms. Griswold, I spoke with you earlier about a 

statement in connection with sentencing.  I should also have 

asked you whether the government has any objections.  I know 

you've read the presentence investigation report.  I imagine 

that you agree with my reflection of acceptance credit.  Are 

there any other objections or modifications to the presentence 

investigation report? 

MS. GRISWOLD:  Just one modification.  I think

throughout it makes reference to Counts One through Four, and

it doesn't impact the guidelines calculation, but I think it

could be noted that the portions of the presentence report that

talk about the four counts and the convictions on the four

counts should be modified to note that the conviction here and

the sentence is just for Count Three.

THE COURT:  Thank you.

Mr. Tarlowe and then Mr. Weddle, I believe the 

government's asking me to modify the presentence investigation 

report to make clear that the conviction about which we are 

speaking today is the product of today's guilty plea and not 

the trial? 

MR. TARLOWE:  We agree it makes sense to do that, your

Honor.

MR. WEDDLE:  We agree as well, your Honor.  

THE COURT:  I'll do what I can to make that clear.

Thank you.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

Ms. Griswold, may I hear from you or from your 

colleague in connection with sentencing? 

MS. GRISWOLD:  Yes, I believe Mr. Gitner will speak.

MR. GITNER:  Thank you, your Honor.

I intend to be brief and non-controversial.  I do want 

to thank your Honor for obviously paying very careful attention 

to the submissions in this case.  I feel a little silly saying 

that frankly because I know your Honor pays careful attention 

to everything that comes before you, but I think it's worth 

saying out loud in the context of this case.   

And I also want to thank defense counsel for their 

engagement in the discussions that led to where we are today, 

and frankly the manner in which they engaged with us.  I also 

wanted to say that out loud.   

As your Honor indicated at the beginning of this 

proceeding, we're sort of -- this is a somewhat not very unique 

posture that we're in.  But despite that uniqueness as with all 

cases, the resolution we believe should send the message that 

we stand behind the prosecution and the strong message that its 

already set.  

The uniqueness and the unique posture of the case, 

which includes, frankly amount other things, in fact the 

substantial restitution that has already been paid, allows for 

this disposition.  It brings finality through acceptance of 

responsibility, which we always take very serious of course.   

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

It brings very serious felony convictions to the core 

of the conduct alleged here.  It preserves needed resources 

which are now pointed elsewhere, including within the private 

fund space and elsewhere, and we believe it uniquely does all 

of this within and consistent with Section 3553(a).   

So again, thank your Honor for the careful way you've 

considered this matter right up to this moment.  Frankly, that 

said, I'll sit down and allow the proceeding to continue.  We 

stand by the prosecution. 

THE COURT:  Thank you very much.

Mr. Tarlowe, do you or does one of your colleagues 

wish to speak in connection with sentencing? 

MR. TARLOWE:  No, your Honor.

THE COURT:  May I speak directly with your client?

MR. TARLOWE:  Yes, your Honor.

THE COURT:  Mr. Ahuja, if you wish to speak with me in

connection with your sentencing, you are invited to do so.

You're not obligated to do so.

I do recall having spoken with you in connection with 

the prior sentencing, and I do feel over these several years 

that I do have a sense of you and this case.   

If you would like to speak, you're invited.  If you 

prefer not to, simply let me know that. 

DEFENDANT AHUJA:  Given the circumstances, I prefer

not to speak.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  Of course.

Mr. Weddle, is there anything you or your colleague 

would like to say in connection with sentencing? 

MR. WEDDLE:  May I have a moment, your Honor.

THE COURT:  Of course.

MR. WEDDLE:  Just very briefly, your Honor, and I

think to in a way echo in mirror image the statement made by

the prosecution, we do appreciate our ability to discuss the

matter with them and reach what I think is a result that

permits all the parties to essentially close the door on this

case.

We stand behind the way that we litigated this case 

throughout and the defense, but we agree that this is a fair 

resolution that should be accepted by your Honor. 

THE COURT:  Mr. Shor, at this time if you wish to

speak with me in connection with your sentence, you are invited

to do so.  You are not obligated to speak with me, sir, and I

do recall our discussions at the prior sentencing proceeding,

but I want to give you that opportunity if you'd like to speak.

DEFENDANT SHOR:  Thank you, your Honor.  I couldn't

possibly be as eloquent as Mr. Weddle.  Thank you.

THE COURT:  I'm sure he appreciates that.  

Thank you, sir. 

DEFENDANT SHOR:  Otherwise, I don't wish to say

anything, your Honor.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

THE COURT:  All right.  Thank you.

My practice usually is to take a break at this time 

having heard from the parties so that I can reflect 

appropriately on what has been argued because I do not come out 

on the bench with a sentence in mind.  Perhaps the defendants 

in this case will recall that that is what I did with respect 

to their sentencings, and then I will usually come out and 

discuss with each defendant my rationale for the sentence 

imposed and my hopes for their future.   

We keep saying this is an unusual case.  This is an 

unusual case.  There was a trial.  There was extensive 

proceedings on both sides of that trial, including extensive 

sentencing proceedings, where I think all arguments that could 

be made were made.  And then there were of course the 

posttrial, post-conviction proceedings that brought us to where 

we are today, and so I don't think it is useful to take a 

break.   

I did want to say something.  I'm still not sure what 

to say, so you'll excuse what comes out.  I've had this case 

for four years and many of you, including in particular 

Mr. Ahuja and Mr. Shor, have had the case for far longer.  And 

many times in the past period of years, we've all worked very, 

very hard, and we've done so, at least for some of us, because 

we believe in the criminal justice system.  We believe in the 

fairness of the process that is in place, and perhaps it may be 

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

that folks who are a party to this proceeding are or are not 

fully satisfied with this resolution.   

I do have confidence and comfort that everyone working 

on this case has worked for justice and fairness.  And to the 

extent you've done that, you've succeeded and you have 

confirmed the fairness of the process.  Some of you will appear 

before me again in the future.  Some of you I hope, Mr. Ahuja 

Mr. Shor, will not.   

I've learned something through this case, and I hope 

that you have as well, and I hope that you can find some 

satisfaction in what you've learned through this case.  And 

with that, I will turn to the formal process of sentencing.   

I will describe the sentence I intend to impose, but 

give each time an opportunity to make legal objections before 

the sentence is actually imposed.   

I have considered as I must the factors set forth by 

Congress in Section 3553(a), and they include the nature and 

circumstances of the offense, the history and characteristics 

of each of the defendants, the need for the sentence imposed to 

reflect the seriousness of the offense, to promote respect for 

the law, to provide a just punishment for the offense, to 

afford adequate deterrence to criminal conduct, to protect the 

public from further crimes by the defendant, to provide each 

defendant with needed educational and vocational training, 

medical care or other correctional treatment in the most 

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

effective manner.   

I must consider the guidelines, and I've mentioned 

that a few moments ago.  I must consider the need to avoid 

unwarranted sentence disparities, among similarly situated 

defendants.  And I need in some cases, though not in this one 

because of other proceedings, to consider restitution to the 

victims.   

I mentioned earlier my guidelines calculations in this 

case.  For Mr. Ahuja, they are an offense level -- an adjusted 

offense level of 36, a criminal history category of I, a 

resulting guideline range of 188 to 235 months.   

With Mr. Shor, there's an offense level of 32.  A 

criminal history category of I, and resulting guidelines range 

of 121 to 151 months.   

The parties have proposed to me an agreed upon 

sentence that includes a sentence of time served, no imposition 

of a term of supervised release, no fine, no forfeiture and no 

restitution, and I am agreeing with each of the agreed upon 

sentences to be imposed on each of Mr. Ahuja and Mr. Shor.   

There was much reflection in coming to this decision, 

and I did solicit additional briefing on the parties on the 

propriety of such sentencings. I appreciate very much the 

materials that you sent to me to give me insight that I was 

missing into what is an appropriate sentence.   

And so my intention is to vary downward and to impose 

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

on each of Mr. Ahuja and Mr. Shor sentences of time served with 

no term of supervised release to follow, with no fine, no 

forfeiture, and no restitution, but with the single $100 

mandatory special assessment that I cannot avoid the imposition 

of.   

I say that there is no restitution, but as each side 

knows from the plea agreement, there were extensive restitution 

efforts in connection with sentencing and thereafter.  And so 

to say there's no restitution is a little bit -- I don't mean 

it to be misleading.  It has been addressed in other 

proceedings.   

Ms. Griswold, is there any reason why I may not impose 

that sentence on each of Mr. Ahuja and Mr. Shor? 

MS. GRISWOLD:  No, your Honor.

THE COURT:  Mr. Tarlowe.

MR. TARLOWE:  No, your Honor.  The only thing is that

I believe that Mr. Ahuja paid the special assessment after the

first sentencing.

THE COURT:  I will not make him pay -- to be clear,

and I know you all know this, if you've paid it already, you do

not have to pay it again.  I have that out there because I

didn't know if it was paid.

MR. TARLOWE:  Just to be clear, I believe it was paid,

but maybe if we could just say to the extent it's been paid,

that we'll get credit of what's already been paid.

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          SOUTHERN DISTRICT REPORTERS, P.C.
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M4MBAHUP                

THE COURT:  I completely agree.

MR. TARLOWE:  And hopefully we won't ask for a refund.

THE COURT:  I'll leave it to you to figure out the

other counts.  You deal with the Clerk's Office on that.

Mr. Weddle, the same?

MR. WEDDLE:  I believe the same is true, and we'll ask

for a refund.

THE COURT:  Mr. Weddle, the larger question is, is

there any legal reason why I may not impose this sentence?

MR. WEDDLE:  No, your Honor.

THE COURT:  Thank you.  

Mr. Ahuja and Mr. Shor, please rise. 

Gentleman, after thinking about this Section 3553(a) 

factors and the sentencing guidelines as they apply to your 

respective cases, and after thinking as well about the 

arguments that have been made to me by your attorneys and by 

the attorneys for the government in connection with sentencing, 

I have calculated the guidelines as I have.  I have adopted the 

presentence investigation reports as modified, and I am 

imposing for each of you a sentence of time served with no term 

of supervised release to follow, with no fine, with no 

forfeiture, no additional restitution, additional to that 

you've already arranged to pay, and with an obligation to pay 

$100 special assessment to the extent that you have not paid 

that already.   

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          SOUTHERN DISTRICT REPORTERS, P.C.
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M4MBAHUP                

Mr. Ahuja, do you understand the sentence that I have 

imposed? 

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor, do you understand the sentence I

have imposed?

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  Gentleman, please be seated.

To the extent that you have not waived this in any 

plea agreement that you may have with the government, you have 

the right to appeal from your conviction and from your 

sentence.  If an appeal is something in which you are 

interested, please speak with your attorneys because they 

understand the process by which appeals are taken.   

We've talked about this previously, there is generally 

a two-week period after the filing of the written judgment for 

the filing of the notice of appeal.  I imagine the written 

judgment will be filed sometime early next week, but it may 

take a little bit longer.   

So if appeal is something in which you're interested, 

you'll please speak with your attorneys.   

Mr. Ahuja, do you understand that  

DEFENDANT AHUJA:  Yes, your Honor.

THE COURT:  Mr. Shor, do you understand that?

DEFENDANT SHOR:  Yes, your Honor.

THE COURT:  Ms. Griswold, does the government move to

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           (212) 805-0300

M4MBAHUP                

dismiss the open counts and the underlying counts?

MS. GRISWOLD:  Yes, your Honor.

THE COURT:  Motion to dismiss is granted.

Ms. Griswold, is there anything else we should be addressing in

today's proceeding?

MS. GRISWOLD:  May I have a moment, your Honor?

THE COURT:  Of course.

MS. GRISWOLD:  No, your Honor.  Thank you.

THE COURT:  Thank you very much to all of you.

Mr. Tarlowe, from your client's perspective, is there 

anything else -- or Mr. Finzi, from your perspective, is there 

anything else to address in today's proceeding? 

MR. FINZI:  One housekeeping matter, your Honor. We

have conferred with the government about having our client's

passport returned.  And one sort of touching aspect of what's

otherwise a very solemn proceeding, my client had made peace

with the fact that he would never see his father again in

India.  Now that he's able to, he intends to travel there on

Monday, so we've made a request to the government to get the

passport back as soon as possible.

MS. GRISWOLD:  I'm working on it, your Honor.  I have

been speaking with pretrial.  And now that I know the right

officer, I'm hoping we can get it back today.

THE COURT:  Do you need anything from me?  You have an

oral order to get it.

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          SOUTHERN DISTRICT REPORTERS, P.C.
           (212) 805-0300

M4MBAHUP                

MS. GRISWOLD:  I will come if I need more back up, but

I think I will be able to track it down today.

THE COURT:  Reach out to my chambers, to

Mr. Patterson, if you need anything from me.

MS. GRISWOLD:  Thank you.

THE COURT:  Mr. Finzi, I thank you.   

But other than that, sir, which I certainly do hope is 

resolved today, anything else you'd like me to know?  

MR. FINZI: No, your Honor. Thank you. 

THE COURT:  Mr. Weddle?

MR. WEDDLE:  No, nothing, your Honor.

THE COURT:  All right.  I don't know that there's

anything else to say.  We've seemed to have said a lot today.

I wish you all well.  We are adjourned.

(Adjourned) 

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