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 (Apr. 20, 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 ASHISH DOLE

The Securities and Exchange Commission (the “Commission”) having filed an Amended
Complaint and Defendant Ashish Dole (“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.

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

3

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).

4

V.

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that based on
Defendant’s cooperation in a Commission investigation and related enforcement action, the Court
is not ordering Defendant to pay a civil penalty.  If at any time following the entry of the Final
Judgment the Commission obtains information indicating that Defendant knowingly provided
materially false or misleading information or materials to the Commission or in a related
proceeding, the Commission may, at its sole discretion and without prior notice to the Defendant,
petition the Court for an order requiring Defendant to pay a civil penalty.  In connection with any
such petition and at any hearing held on such a motion:  (a)  Defendant will be precluded from
arguing that he did not violate the federal securities laws as alleged in the Complaint; (b)
Defendant may not challenge the validity of the Judgment, this Consent, or any related
Undertakings; (c) the allegations of the Complaint, solely for the purposes of such motion, shall be
accepted as and deemed true by the Court; and (d) the Court may determine the issues raised in the
motion on the basis of affidavits, declarations, excerpts of sworn deposition or investigative
testimony, and documentary evidence without regard to the standards for summary judgment
contained in Rule 56(c) of the Federal Rules of Civil Procedure.  Under these circumstances, the
parties may take discovery, including discovery from appropriate non-parties.
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. §

5
523, the allegations in the Amended Complaint are true and admitted by Defendants, 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
April 11

UNITED STATES DISTRICT
COURT
SOUTHERN DISTRICT OF NEW YORI(
SECURITIES AND EXCHANGE COMIVflSSION,
Plaintifr,
18
Civ.4145
(JPC)
v.
PREMIUIVI POINT INVESTMENTS  LP,
ANILESHA AHUJA
aIKh NEIL AHUJA, AMIN
MAJIDI, JEREMY SHO& ASHISH
DOLE' and
FRANK DINUCCI,
JR.,
Defendants.
CONSENT  OF DEX'EI\DANT
ASHISH DOLE
1.
Defendant Ashish Dole
("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 certrain matters alleged
in
the Amended
Complaint in this action. Specifically
,
in United States v. Dole,17
Cr.
698
(KPF)
(S.D.N.Y.),
Defendant
pleaded guilty
to one violation
of conspiracy to commit securities fraud and
wire
fraud
[18
U.S.C.
$
371]
and
one violation
of securities fraud
[15
U.S.C.
$$
78j(b) andTSff;
17
C.F.R.
$
240.10b-51.t
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")
[5
U.S.C.
$
78j(b)] and Rules 10b-5(a) and
(c)
I
Otr November
22,2022, upon
motion by tJre U.S. Attomey's
Office for the Southern District of Nerv York, the
court
dismissed
one of these
counts-that is, the violation of
conspiracy to commit securities fraud and wire fraud
[8
u.s.c.
$
3711.

thereunder
[7
C.F.R.
$$
240.10b-5(a) and
(c)J,
Sections l7(a)(1) and l7(a)(3) of the Securities
Act
of
1933
("Securities
Acf')
[5
U.S.C.
$$
77q(aXl) and
(3)];
and Sections 206(1),
(2),
and
(4)
of the Investment Advisers Act
of
1940
("Advisers
Acto')
U5
U.S.C.
$$
80b-6(1), 80b-6(2), and
80b-6(4)l
and
Rule 206(a)-8(a)(2)
thereunder
[7
C.F.R.
g
27s.206(a)-8(a)(2)].
4. Defendant acknowledges
that the Court
is not imposing
a civil
penalty
based on
Defendant's cooperation in a Commission investigation
and
related
enforcement action. Defendant
consents
that
if at any
time
following
the entry of the Final Judgment the Commission
obtains
information indicating that Defendant
knowingly
provided
materially false
or
misleading
information
or
materials
to the Commission or in a related
proceeding,
the Commission may, at its
sole discretion and
without
prior
notice to the Defendant,
petition
the
Court
for
an order
requiring
Defendant
to
pay
a civil
penalty.
In connection with
the Commission's motion for civil
penalties,
and
at
any hearing
held on such a motion:
(a)
Defendant will
be
precluded
from arguing that he
did
not violate the
federal
securities laws
as alleged in the Complaint;
(b)
Defendant may
not
challenge the validity of the Judgment,
this Consent, or any related Undertakings;
(c)
the
allegations of the Complaint, solely for
the
purposes
of
such
motion, shall be
accepted as and
deemed
true
by
the Court; and
(d)
the Court
may
determine the issues raised in the motion on
the
basis of affidavits, declarations,
excerpts
of
swom deposition or investigative testimony, and
documentary  evidence without
regard to the standards for
summary
judgment
contained in Rule
56(c) of the Federal Rules
of Civil Procedure. Under these
circumstalces, the
parties
may
take
discovery,
including
discovery from
appropriate  non-parties.
5. Defendant waives the entry
of
findings
of fact and conclusions of law
pursuant
to
Rule 52 of the Federal Rules
of Civil Procedure.
6. Defendant waives
the right,
if
any,
to a
jury
trial
and
to
appeal from
the
entry
of the
Final
Judgment.
2

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(0, 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
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
a
J

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
oonot
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, 1l U.S.C.
$
523, that the allegations
in
the Amended
Complaint are true, and frrrther,
that
any
debt
for disgorgement,
prejudgment
interest,
civil
penalty
or other
amounts due
by Defendant
under the
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
4

such laws, as set
forth in Section 523(a)(19) of the Bankruptcy
Code, 1l 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
riglrts 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
pulposes,
Defendant agrces
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.
5

16. Defendant
agrees
that
this Court
shall retain
jurisdiction
over this
matter
for
the
pqpose
of enforcing the terms of the Final Judgment.
Dated:
07
lo?
I
2oza
heg
Ashish 6ole
o'
M,A'ch
3
,
2023,
AsL,,ial,-, 5 .haLpersonknowntome,
personally
appeared
before me and acknowledged  executing the foregoing Consent.
6
Notary
Commission expires:
Approved
as to
form:
Attorney for Defendant
SYLVIA E. LOPEZ
NOTARY
PUBLIC, STATE
OF
NEW
YORK
Registration  No.
01 LO6059894
Qualified
in
Westchester
County-
-
Commission
Expires
June 11,20.L
>
6

Exhibit A

1
          SOUTHERN DISTRICT REPORTERS, P.C.
            (212) 805-0300
Hbd1doe
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
------------------------------x

UNITED STATES OF AMERICA,

           v.                           17 Cr.        (JGK)

JOHN DOE,

               Defendant.               Plea

------------------------------x

                                        New York, N.Y.
                                        November 13, 2017
                                        2:55 p.m.

Before:

HON. JOHN G. KOELTL,

                                        District Judge

APPEARANCES

JOON H. KIM
     Acting United States Attorney for the
     Southern District of New York
BY:  JASON H. COWLEY
     TELEMACHUS P. KASULIS
     Assistant United States Attorney

GREENBERG TRAURIG, P.A.
     Attorneys for Defendant
BY:  GREGORY W. KEHOE, ESQ.

ALSO PRESENT:  MATTHEW MAHAFFEY, FBI Special Agent
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          SOUTHERN DISTRICT REPORTERS, P.C.
            (212) 805-0300
Hbd1doe
(Case called)
THE DEPUTY CLERK:  Will all parties please state who
they are for the record.
MR. COWLEY:  Good afternoon, your Honor.  Jason Cowley
for the United States.  With me at counsel table is my
colleague Tim Kasulis and Special Agent Matt Mahaffey of the
FBI.
MR. KEHOE:  Good afternoon, your Honor.  Gregory Kehoe
on behalf of Ashish Dole.
THE COURT:  Good afternoon.
MR. KEHOE:  Good afternoon.
THE COURT:  I should point out at the outset that the
assistant who is on the appearance sheet, Mr. Naftalis, is
someone whom I know personally and professionally, but there's
nothing about that that affects anything that I do in the case.
I just bring it to your attention.
All right.  I understand that the defendant has an
application?
MR. KEHOE:  Yes, your Honor.  The defendant has an
application that we've agreed to plead guilty to the
information that is now before the Court.  I believe that we
have executed the waiver of indictment form that the government
has in its possession.
THE COURT:  Yes.  Is this the defendant's first
appearance?
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          SOUTHERN DISTRICT REPORTERS, P.C.
            (212) 805-0300
Hbd1doe
MR. KEHOE:  Yes, your Honor.
THE COURT:  Okay.  So the defendant wishes to waive
indictment and plead guilty to the information pursuant to a
plea agreement, right?
MR. KEHOE:  Yes, your Honor.
THE COURT:  I have a November 2, 2017 letter to
yourself, Mr. Kehoe, appears to be signed by Mr. Naftalis,
Ms. Zornberg on behalf of the government, and signed by
Mr. Dole and yourself on November 10, 2017.
MR. KEHOE:  Yes, your Honor.
THE COURT:  That's the plea agreement?
MR. KEHOE:  Yes, your Honor.
THE COURT:  Okay.  I've marked that as Court
Exhibit 1.
Let me begin by advising the defendant of his rights,
because this is the defendant's first appearance.
Mr. Dole, you have the right to remain silent.  You
need not make any statement.  Even if you have already made
statements to the authorities, you need not make any additional
statements.  Any statements that you do make can be used
against you.  Do you understand that?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  You have the right to be represented by a
lawyer today and at all future proceedings in this case.  And
if you are unable to afford an attorney, I will appoint an
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          SOUTHERN DISTRICT REPORTERS, P.C.
            (212) 805-0300
Hbd1doe
attorney to represent you.  Do you understand that?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  You're being represented by Mr. Kehoe and
Mr. Kehoe is retained, is that correct?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  Okay.  If at any point you do not have the
resources to continue to be represented by a lawyer whom you
pay, I will appoint a lawyer to represent you free of cost.  Do
you understand that?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  All right.  Mr. Fletcher, please
administer the oath to the defendant.
(Defendant sworn)
THE DEPUTY CLERK:  Please state your full name for the
record.
THE DEFENDANT:  Ashish S. Dole.
THE DEPUTY CLERK:  Thank you.  Please remain standing.
THE COURT:  Do you pronounce your last name "Doe-lay"?
THE DEFENDANT:  Yes.
THE COURT:  All right.  Mr. Dole, do you understand
that you are now under oath and that if you answer any of my
questions falsely, your false or untrue answers may later be
used against you in another prosecution for perjury or making a
false statement?
THE DEFENDANT:  Yes, your Honor.
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5
          SOUTHERN DISTRICT REPORTERS, P.C.
            (212) 805-0300
Hbd1doe
THE COURT:  All right.  I'll incorporate the
allocution on the guilty plea together with the arraignment and
waiver of indictment, if that's satisfactory with everyone.
MR. COWLEY:  That's fine, your Honor.
MR. KEHOE:  That's fine.
THE COURT:  Okay.  Mr. Dole, let me just repeat, do
you understand that you are now under oath and that if you
answer any of my questions falsely, your false or untrue
answers may later be used against you in another prosecution
for perjury or making a false statement?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  Tell me your full name, please.
THE DEFENDANT:  Ashish S. Dole.
THE COURT:  How old are you?
THE DEFENDANT:  Thirty-four years old.
THE COURT:  How far did you go in school?
THE DEFENDANT:  I got a master's from Cornell
University.
THE COURT:  Are you a citizen of the United States?
THE DEFENDANT:  Yes, I am.
THE COURT:  Are you able to speak and understand
English?
THE DEFENDANT:  Yes.
THE COURT:  Are you now or have you recently been
under the care of a doctor or a psychiatrist?
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THE DEFENDANT:  No.
THE COURT:  Have you ever been treated or hospitalized
for any mental illness or any type of addiction, including drug
or alcohol addiction?
THE DEFENDANT:  No.
THE COURT:  In the past 24 hours have you taken any
drugs, medicine, or pills or have you drunk any alcohol?
THE DEFENDANT:  No.
THE COURT:  I'm sorry?
THE DEFENDANT:  No, I have not.
THE COURT:  Is your mind clear today?
THE DEFENDANT:  Yes, it is.
THE COURT:  Are you feeling all right today?
THE DEFENDANT:  Yes, I am.
THE COURT:  Do either counsel have any doubt as to the
defendant's competence to waive indictment, agree to proceed by
information, and enter an informed plea of guilty to the
information?
MR. COWLEY:  Not the government, your Honor.
MR. KEHOE:  No, your Honor.
THE COURT:  Mr. Dole, your lawyer has informed me that
what you wish to do is to waive indictment, agree to proceed by
information, and enter a plea of guilty to the information.  Is
that what you wish to do?
THE DEFENDANT:  Yes, your Honor.
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THE COURT:  Have you had a full opportunity to discuss
your case with your lawyer and to discuss the consequences of
waiving indictment, agreeing to proceed by information, and
entering a plea of guilty to the information?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  Are you satisfied with Mr. Kehoe and his
representation of you?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  On the basis of Mr. Dole's responses to my
questions and my observations of his demeanor, I find that he
is fully competent to enter an informed plea at this time.
Now, Mr. Dole, before I accept any plea from you, I'm
going to be asking you certain questions.  My questions are
intended to satisfy me that you wish to plead guilty because
you are in fact guilty and that you fully understand the
consequences of your plea, and, furthermore, that you are
pleading guilty knowingly and voluntarily and that there is an
independent basis in fact for your plea.  Do you understand
that?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  I'm now going to describe to you certain
rights that you have under the Constitution and laws of the
United States, which rights you will be giving up if you enter
a plea of guilty.  Please listen to me very carefully.  If
there is anything that I say that you don't understand, please
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ask me to stop, and either I or Mr. Kehoe will explain it to
you more fully.  All right?
THE DEFENDANT:  Yes.  Yes, your Honor.
THE COURT:  Now, Mr. Dole, under the Constitution and
laws of the United States, you have a right to a speedy and
public trial by a jury on the charges against you which are
contained in the information.  Do you understand that?
THE DEFENDANT:  Yes, I do.
THE COURT:  If there were a trial, you would be
presumed to be innocent and the government would be required to
prove you guilty by competent evidence and beyond a reasonable
doubt.  You would not have to prove that you were innocent at
trial.  Do you understand that?
THE DEFENDANT:  Yes, I do.
THE COURT:  If there were a trial, a jury composed of
12 people selected from this district would have to agree
unanimously that you were guilty.  Do you understand that?
THE DEFENDANT:  Yes, I do.
THE COURT:  If there were a trial, you would have the
right to be represented by a lawyer, and if you could not
afford a lawyer, a lawyer would be provided to you free of
cost.  Do you understand that?
THE DEFENDANT:  Yes, I do.
THE COURT:  In fact, Mr. Dole, as I told you a little
while ago, at the outset of these proceedings, you have a right
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to be represented by a lawyer at trial and at every other stage
of the proceedings.  And if you cannot afford a lawyer, a
lawyer would be provided to you free of cost.  Do you
understand that?
THE DEFENDANT:  Yes, I do.
THE COURT:  If there were a trial, you would have the
right to see and hear all of the witnesses against you, and
your attorney could cross-examine them, you would have a right
to have your attorney object to the government's evidence and
offer evidence on your behalf if you so desired, and you would
have the right to have subpoenas issued or other compulsory
process used to compel witnesses to testify in your defense,
and you would not be required to testify.  Do you understand
all of that?
THE DEFENDANT:  Yes, I do.
THE COURT:  If there were a trial, you would have the
right to testify if you wanted to, but no one could force you
to testify if you didn't want to; and furthermore, no inference
or suggestion of guilt could be drawn if you chose not to
testify at trial.  Do you understand that?
THE DEFENDANT:  Yes, I do.
THE COURT:  Mr. Dole, do you understand each and every
one of the rights that I've described to you?
THE DEFENDANT:  Yes, I do.
THE COURT:  Do you have any questions about any of
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those rights?
THE DEFENDANT:  No, I don't.
THE COURT:  Do you understand that by entering a plea
of guilty today, you're giving up each and every one of those
rights, that you are waiving those rights, and that you will
have no trial?
THE DEFENDANT:  Yes, I do.
THE COURT:  Do you understand that you can change your
mind right now and refuse to enter a plea of guilty?  You don't
have to enter this plea if you don't want to for any reason at
all.  Do you understand that completely?
THE DEFENDANT:  Yes, I do.
THE COURT:  Now, Mr. Dole, I have a waiver of
indictment.  It reads, "The above-named defendant, who is
accused of violating 15 U.S.C. Sections 78j(b) and 78ff, 17
C.F.R. Section 240.10b-5, and 18 U.S.C. Sections 371 and 2,
being advised of the nature of the charges and of his rights,
hereby waives in open court prosecution by indictment and
consents that the proceeding may be by information instead of
by indictment."  This appears to be signed by you and your
lawyer and witnessed by Mr. Fletcher and dated today,
November 13, 2017.  Have you signed this waiver of indictment?
THE DEFENDANT:  Yes, I have.
THE COURT:  Before you signed it did you discuss it
with your lawyer?
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THE DEFENDANT:  Yes, I did.
THE COURT:  Did he explain it to you?
THE DEFENDANT:  Yes.
THE COURT:  Do you understand what you are doing?
THE DEFENDANT:  Yes, I do.
THE COURT:  Do you understand that you're under
absolutely no obligation to waive indictment and agree to
proceed by information?
THE DEFENDANT:  I -- I understand.
THE COURT:  You --
THE DEFENDANT:  I understand.
THE COURT:  Do you understand that if you did not
waive indictment and if the government wanted to prosecute you
on the charges that are contained in the information, the
government would have to present its case to a grand jury,
which may or may not indict you?
THE DEFENDANT:  I understand.
THE COURT:  Do you understand that by signing this
waiver of indictment, you have given up your right to have your
case presented to a grand jury?
THE DEFENDANT:  Yes, I do.
THE COURT:  Do you understand what a grand jury is?
THE DEFENDANT:  Yeah.  It's --
THE COURT:  Well, just so that you understand, a grand
jury consists of 23 people, of which at least 16 must be
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present to conduct business, and at least 12 people must vote
for an indictment.  Otherwise, the grand jury could not return
an indictment against you.  Do you understand?
THE DEFENDANT:  Yes, I do.
THE COURT:  Okay.  Did anyone make any threats or
promises to you to get you to waive indictment and agree to
proceed by information?
THE DEFENDANT:  No.
THE COURT:  Did you sign this waiver of indictment
knowingly and voluntarily?
THE DEFENDANT:  Yes, I did.
THE COURT:  I find that the defendant's waiver of
indictment is knowing and voluntary.
Now, Mr. Dole, have you seen a copy of the information
against you?
THE DEFENDANT:  Yes, I have.
THE COURT:  Do you want me to read the information
aloud to you in open court or do you wish to give up or waive
the reading of the information?
THE DEFENDANT:  No, you don't need to read it.
THE COURT:  Okay.  So you waive the reading of the
information, is that correct?
THE DEFENDANT:  Yes.
THE COURT:  Okay.  I'm going to go over the
information with you in any event to make sure that I'm
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satisfied that you understand the charges against you and what
the government would be required to prove beyond a reasonable
doubt before you could be convicted of those charges, and,
finally, what the maximum penalties are for the charges to
which you are entering a plea of guilty.
So Count One of the information charges a conspiracy
to commit securities fraud and wire fraud.  And after various
background allegations, the information goes on to describe a
mismarking scheme and then makes certain allegations to satisfy
the elements of the crime that is charged against you.  More
specifically, the information charges that from at least in or
about 2014 through in or about 2016, in the Southern District
of New York and elsewhere, Ashish Dole, the defendant, and
others known and unknown wilfully and knowingly did combine,
conspire, confederate, and agree, together and with each other,
to commit offenses against the United States, to wit,
securities fraud, in violation of Title 15 United States Code
Sections 78j(b) and 78ff and Title 17 Code of Federal
Regulations Section 240.10b-5; and wire fraud, in violation of
Title 18 United States Code Section 1343.
It was a part and an object of the conspiracy that
Ashish Dole, the defendant, and others known and unknown,
wilfully and knowingly, directly and indirectly, by use of the
means and instrumentalities of interstate commerce, and of the
mails, and the facilities of national securities exchanges,
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would and did use and employ, in connection with the purchase
and sale of securities, manipulative and deceptive devices and
contrivances, in violation of Title 17 Code of Federal
Regulations Section 240.10b-5, by: (a) employing devices,
schemes, and artifices to defraud; (b) making and causing to be
made untrue statements of material fact, and omitting to state
material facts necessary in order to make the statements made,
in light of the circumstances under which they were made, not
misleading; and (c) engaging in acts, practices, and courses of
business which operated and would operate as a fraud and deceit
upon persons, in violation of Title 15 United States Code
Sections 78j(b) and 78ff.
It was further a part and an object of the conspiracy
that Ashish Dole, the defendant, and others known and unknown,
wilfully and knowingly, having devised and intending to devise
a scheme and artifice to defraud, and for obtaining money and
property by means of false and fraudulent pretenses,
representations, and promises, would and did transmit and cause
to be transmitted by means of wire, radio, and television
communication, in interstate on foreign commerce, writings,
signs, signals, pictures, and sounds for the purpose of
executing such scheme and artifice, in violation of Title 18
United States Code Section 1343.
In furtherance of the conspiracy and to effect its
illegal object, Ashish Dole, the defendant, committed the
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following overt act, among others, in the Southern District of
New York and elsewhere:
On or about March 6, 2015, in New York, New York, Dole
sent a text to a supervisor at the firm indicating that a
particular corrupt broker "can of course mark bonds anywhere,"
all this in violation of Title 18 United States Code
Section 371.
Do you understand that's what you are charged with or
a summary of what you're charged with in Count One of the
information?
THE DEFENDANT:  Yes.
THE COURT:  Do you understand that if you did not
plead guilty, the government would be required to prove each
and every part or element of the charge against you beyond a
reasonable doubt at trial?
THE DEFENDANT:  Yes, I do.
THE COURT:  Do you understand that at trial, the
government would be required to prove beyond a reasonable
doubt: first, that two or more persons entered into the
unlawful agreement charged in Count One of the indictment
starting in or about 2013; second, that you, the defendant,
knowingly and wilfully became a member of the conspiracy;
third, that one of the members of the conspiracy knowingly
committed at least one overt act charged in the indictment, or
in the information, or a substantially similar overt act; and
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finally, that the overt act which the jury found to have been
committed was committed to further some objective of the
conspiracy?  Do you understand the government would be required
to prove all of those elements beyond a reasonable doubt at
trial?
THE DEFENDANT:  Yes, I do.
THE COURT:  Do you understand that the maximum penalty
for the crime charged in Count One is a maximum sentence of
five years in prison, a maximum term of three years' supervised
release, a maximum fine of the greatest of $250,000 or twice
the gross pecuniary gain derived from the offense, or twice the
gross pecuniary loss to persons other than yourself as a result
of the offense, and a mandatory $100 special assessment?  Do
you understand that's the maximum penalty for the crime charged
in Count One?
THE DEFENDANT:  Yes, I do.
THE COURT:  Count Two charges securities fraud.  First
of all, it repeats the allegations contained in paragraphs 1
through 7 and 11 of the information, and then it charges that
from at least in or about 2014 through in or about 2016, in the
Southern District of New York and elsewhere, Ashish Dole, the
defendant, wilfully and knowingly, directly and indirectly, by
use of the means and instrumentalities of interstate commerce,
and of the mails, and the facilities of national securities
exchanges, used and employed, in connection with the purchase
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and sale of securities, manipulative and deceptive devices and
contrivances, in violation of Title 17 Code of Federal
Regulations Section 240.10b-5, by: (a) employing devices,
schemes, and artifices to defraud; (b) making and causing to be
made untrue statements of material fact, and omitting to state
material facts necessary in order to make the statements made,
in light of the circumstances under which they were made, not
misleading; and (c) engaging in acts, practices, and courses of
business which operated and would operate as a fraud and deceit
upon persons, to wit, Dole caused false and misleading
representations and omissions to be made to current and
prospective investors regarding NAV, which is net asset value,
for the hedge fund and the new issue hedge funds, including by
soliciting and applying artificially inflated marks on
securities held by the hedge fund and the new issue hedge
funds, in violation of Title 15 United States Code Sections
78j(b) and 78ff, 17 Code of Federal Regulations
Section 240.10b-5, and Title 18 United States Code Section 2.
Do you understand that's what you are charged with in Count
Two --
THE DEFENDANT:  Yes, your Honor.
THE COURT:  -- of the information?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  Okay.  Do you understand that if you did
not plead guilty, the government would be required to prove
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beyond a reasonable doubt at trial: first, that in connection
with the purchase or sale of securities, you, the defendant,
did any one or more of the following: (1) employed a device,
scheme, or artifice to defraud; or (2) made an untrue statement
of a material fact or omitted to state a material fact which
made what was said under the circumstances misleading; and (3)
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, the defendant, acted wilfully,
knowingly, and with the intent to defraud; and third, that you,
the defendant, knowingly used or caused to be used any means or
instruments of transportation or communication in interstate
commerce, or use of the mails, in furtherance of the fraudulent
conduct?  Do you understand that the government would be
required to prove all of that beyond a reasonable doubt at
trial?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  I'm just pausing because is it sufficient
if the facilities of a national securities exchange are used
rather than simply means and instrumentalities of interstate
commerce or of the mails?
MR. COWLEY:  I think it can be either or under the
statute, but for purposes of, you know, what the government
would prove at trial, your Honor, was that the use of
communications in interstate commerce were utilized to satisfy
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that element of securities fraud.
THE COURT:  I also mentioned the instrumentalities of
transportation.  That could be relied on, but it's not being
relied on in this case.
MR. COWLEY:  That's also correct, your Honor.
THE COURT:  So I went over what the government would
be required to prove beyond a reasonable doubt at trial.  And
the government says in this case it would be relying on the
means and instrumentalities of interstate commerce.  Do you
understand that?
THE DEFENDANT:  Yes, sir.
THE COURT:  Okay.  Do you understand that the maximum
penalty for the crime charged in Count Two is a maximum
sentence of 20 years in prison, a maximum term of three years
of supervised release, a maximum fine of the greatest of
$5 million or twice the gross pecuniary gain derived from the
offense or twice the gross pecuniary loss to a person or
persons other than yourself as a result of the offense, and a
$100 mandatory special assessment?  Do you understand that's
the maximum penalty for the crime charged in Count Two of the
information?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  Do you also understand that when I talk
about supervised release, supervised release means that you
will be subject to monitoring when you are released from prison
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and that the monitoring is to be under terms and conditions
which could lead to reimprisonment without a jury trial if you
violate them?
THE DEFENDANT:  Yes, I do.  Yes, I do.
THE COURT:  Do you understand that if you violated the
terms of supervised release and were sentenced to prison, you
could be sentenced to prison for the entire term of supervised
release without any credit for any time you had already spent
on supervised release?
THE DEFENDANT:  Yes, I do.
THE COURT:  Do you also understand that as part of
your sentence, I can also order restitution to any person
injured as a result of your criminal conduct?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  The information also includes a forfeiture
allegation in which the government seeks to have you forfeit to
the government any property, real or personal, which
constitutes or is derived from proceeds traceable to the
commission of the offenses charged in Counts One and Two of the
information, including but not limited to a sum of money in
United States currency representing the amount of proceeds
traceable to the commission of those offenses, and if any of
that forfeitable property cannot be located or has been
transferred or sold or placed beyond the jurisdiction of the
Court or substantially diminished in value or commingled with
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other property, then it's the intent of the government to have
you forfeit any other property that you own, up to the value of
the forfeitable property?  Do you understand that?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  So do you understand that as part of your
sentence, I can also order forfeiture?
THE DEFENDANT:  Yes, I do.
THE COURT:  Now, Mr. Dole, you're pleading to two
separate counts in the information.  You'll be separately
sentenced on each of those counts, and I can order that the
sentences on those counts be served concurrently, that is, at
the same time, or consecutively, that is, one right after the
other.  So you're facing a sentence of imprisonment of 25
years, 5 years on Count One plus 20 years on Count Two.  Do you
understand that?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  Do you also understand that I can also
order that the fines be added together and that I must order
the special assessment be added together, so you're facing a
special assessment of $200?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  Do you also understand that if I accept
your guilty plea and adjudge you guilty, that adjudication may
deprive of you valuable civil rights, such as the right to
vote, the right to hold public office, the right to serve on a
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jury, and the right to possess any kind of firearm?
THE DEFENDANT:  I understand.
THE COURT:  Now, Mr. Dole, under current law there are
Sentencing Guidelines that judges must consult in determining
your sentence.  You've spoken to your lawyer about the
Sentencing Guidelines, haven't you?
THE DEFENDANT:  Yes, I have.
THE COURT:  Do you understand that I as the sentencing
court will not be able to determine your guidelines sentencing
range until after the probation department has completed the
presentence report, after you and your lawyer and the
government have had an opportunity to challenge anything
contained in the report, and to bring those challenges to my
attention?  Do you understand that?
THE DEFENDANT:  Yes, I do.
THE COURT:  Do you also understand that even after
it's determined what the basic guidelines sentencing range is
in your case, I have the authority in some circumstances to
depart upward or downward from the sentence that is otherwise
called for by the guidelines?  Do you understand?
THE DEFENDANT:  Yes, I do.
THE COURT:  And even after I've made that
determination, I must consult other statutory factors to arrive
at a final conclusion as to what the appropriate and reasonable
sentence is in your case.  Do you understand that?
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THE DEFENDANT:  Yes, your Honor.
THE COURT:  Do you also understand that if you are
sentenced to prison, parole has been abolished and you will not
be released any earlier on parole?
THE DEFENDANT:  Yes, I do.
THE COURT:  Do you understand that if your lawyer or
anyone else has attempted to estimate or predict what your
sentence will be, that their estimate or prediction could be
wrong?
THE DEFENDANT:  Yes, I do.
THE COURT:  No one, Mr. Dole -- not your lawyer, not
the government, no one -- can nor should give you any assurance
of what your sentence will be, since that sentence can only be
determined after the probation department has completed the
presentence report, after I have ruled on any challenges to the
report, and after I have determined what the appropriate and
reasonable sentence is in your case.  Do you understand that?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  And do you also understand that even if
your sentence is different from what your lawyer or anyone else
told you that it might be or if it's different from what you
expect it to be, you will still be bound by your guilty plea
and you will not be allowed to withdraw your plea of guilty?
Do you understand that?
THE DEFENDANT:  Yes, I do.  Yes, I do.
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THE COURT:  I'm sorry?
THE DEFENDANT:  Yes, I do.
THE COURT:  Now, Mr. Dole, I've been given the plea
agreement which you heard me discuss with your lawyer at the
outset, the November 2, 2017 letter from the government to your
lawyer.  I've marked it as Court Exhibit 1.  It appears to be
signed by representatives of the government and then by you and
Mr. Kehoe on November 10
th
.  Have you signed this plea
agreement?
THE DEFENDANT:  Yes, I have.
THE COURT:  And did you read this agreement, Court
Exhibit 1, before you signed it?
THE DEFENDANT:  Yes, I did.
THE COURT:  Did you discuss it with your lawyer before
you signed it?
THE DEFENDANT:  Yes, I did.
THE COURT:  Did you fully understand the agreement
before you signed it?
THE DEFENDANT:  Yes, I did.
THE COURT:  Does this letter agreement constitute your
complete and total understanding of the entire agreement
between the government, your lawyer, and you?
THE DEFENDANT:  Yes, it does.
THE COURT:  Is everything that you understand about
your plea and your sentence contained in this plea agreement?
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THE DEFENDANT:  Yes, it is.
THE COURT:  Has anything been left out?
THE DEFENDANT:  No.
THE COURT:  You can talk to your lawyer.
THE DEFENDANT:  No.
THE COURT:  Has anything been left out?
THE DEFENDANT:  No.
THE COURT:  Has anyone offered you any inducements or
threatened you or forced you to plead guilty or to enter into
this plea agreement?
THE DEFENDANT:  No, they have not.
THE COURT:  There is a provision of the plea agreement
that provides that under certain circumstances the government
will file a motion pursuant to Section 5K1.1 of the Sentencing
Guidelines.  Now do you understand that even if the government
files such a motion, the Court is not under any obligation to
grant such a motion?
THE DEFENDANT:  Yes, I do.
THE COURT:  Do you understand that the Court is not
bound by the plea agreement or by any of the provisions in the
plea agreement?  The Court must make an independent
determination of the appropriate sentence in your case, and
even if anything in that sentence differs from anything that's
contained in the plea agreement, you will still be bound by
your guilty plea and you will not be allowed to withdraw your
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plea of guilty?  Do you understand that?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  Mr. Kehoe, do you know of any valid
defense that would prevail at the trial of Mr. Dole?
MR. KEHOE:  No, your Honor.
THE COURT:  Do you know of any reason why Mr. Dole
should not be permitted to enter a plea of guilty?
MR. KEHOE:  No, your Honor.
THE COURT:  Mr. Dole, please tell me what you did in
connection with the two charges to which you are entering a
plea of guilty.
THE DEFENDANT:  On orders of my superiors --
THE COURT:  Whoa.  Go a little slower and a little
louder.
THE DEFENDANT:  On the orders of my superiors, I
helped solicit false marks for bonds in the respective books
even though I was not trading these bonds.  I obtained these
marks knowing that they were false and that they would be used
to calculate the net asset value.
THE COURT:  You said that you were under orders of
your superiors.  Did you agree with your superiors to do what
you did?
THE DEFENDANT:  Yes.
THE COURT:  The information charges that this unlawful
agreement began in or about 2013.  Is that correct?
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You can talk to your lawyer.
(Defendant conferring with his counsel)
THE DEFENDANT:  Your Honor, they were doing it since
2013, but my involvement really was later in 2014, maybe 2015.
THE COURT:  All right.  You joined the unlawful
agreement in about 2014.
THE DEFENDANT:  Yes.
THE COURT:  Okay.  The false marks on the bonds, they
were being used to sell the bonds?
THE DEFENDANT:  They were being used to calculate
performance.
THE COURT:  So --
THE DEFENDANT:  Funds returns.
THE COURT:  I'm sorry?
THE DEFENDANT:  Funds returns.  So the returns on the
hedge funds.
THE COURT:  The false marks were used to calculate the
net asset value of the hedge funds?
THE DEFENDANT:  That's right.
THE COURT:  And was that in turn something that was
communicated through the mails?
THE DEFENDANT:  To our investors, yes.
THE COURT:  I'm sorry?
THE DEFENDANT:  Yes, to our investors.
THE COURT:  All right.
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MR. KEHOE:  Just one thing, Judge.  I believe that the
government charged the use of interstate communications, and I
believe most of that information was communicated through the
wires and not necessarily the mails.
THE COURT:  Is that right, Mr. Dole?
THE DEFENDANT:  I would -- I would believe so.  I was
never actually part of that.
THE COURT:  Okay.  Would the government's evidence
show that the false statements were communicated over the
wires?
MR. COWLEY:  Yes, your Honor.  The government would be
able to prove at trial that communications to investors in the
fund and potential investors, including representations about
the fund's performance, were passed through interstate
communications involving email.
THE COURT:  Interstate communications involving?
MR. COWLEY:  Email, your Honor.
THE COURT:  Okay.  Are you prepared to accept that,
Mr. Dole?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  Okay.  Where did you do the acts that
you've described to me?
Where?  Were you in New York?
THE DEFENDANT:  In New York City.
THE COURT:  In Manhattan.
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THE DEFENDANT:  Yes.
THE COURT:  The information says that on or about
March 6, 2015, in New York, New York, you sent a text to a
supervisor at the firm indicating that a particular corrupt
broker "can of course mark bonds anywhere."  Did you do that?
THE DEFENDANT:  Yes, I did.
THE COURT:  And was that in furtherance of the
agreement that you've described to me?
THE DEFENDANT:  Yes, it was.
THE COURT:  When you did the acts that you've
described to me, did you know that what you were doing was
wrong and illegal?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  Does the government want me to ask any
other questions of the defendant?
MR. COWLEY:  No, your Honor.  The government is
satisfied with that allocution, coupled with the factual
proffer the government previously provided.
THE COURT:  Okay.  Now tell me what the government's
evidence would be at trial.
MR. COWLEY:  If this matter proceeded to trial, your
Honor, the evidence would consist of testimony from one of the
brokers that was utilized to carry out the scheme, internal
email communications among members of the scheme, text message
communications among members of the scheme, and investor
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witnesses regarding representations they received from the fund
with respect to its purported performance.
THE COURT:  And would the government's proof establish
the defendant's guilt of each of the charges beyond a
reasonable doubt?
MR. COWLEY:  Yes, it would, your Honor.
THE COURT:  All right.  Mr. Dole, how do you plead to
the charge against you in Count One of the information, guilty
or not guilty?
THE DEFENDANT:  Guilty.
THE COURT:  Mr. Dole, how do you plead to the charge
against you in Count Two of the information, guilty or not
guilty?
THE DEFENDANT:  Guilty.
THE COURT:  Are you pleading guilty because you are in
fact guilty?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  Are you pleading guilty voluntarily and of
your own free will?
THE DEFENDANT:  Yes, your Honor.
THE COURT:  Before I finally accept the defendant's
plea, Mr. Kehoe, do you want me to ask any other questions of
the defendant?
MR. KEHOE:  No, your Honor.
THE COURT:  Do you know of any reason that I should
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not accept his plea?
MR. KEHOE:  I do not, your Honor.
THE COURT:  Does the government want me to ask any
other questions of the defendant?
MR. COWLEY:  No, your Honor.
THE COURT:  Does the government know of any reason
that I should not accept his plea?
MR. COWLEY:  It does not.
THE COURT:  All right.  Mr. Dole, because you
acknowledge that you are guilty as charged in Counts One and
Two of the information, because I find that you know your
rights and are waiving them knowingly and voluntarily, because
I find that your plea is entered knowingly and voluntarily and
is supported by an independent basis in fact, containing each
of the essential elements of the offenses, I accept your guilty
plea and I adjudge you guilty of the offenses to which you are
pleading.
All right.  You all can sit down.
Now, Mr. Dole, the probation department will now
prepare a presentence report to assist me in sentencing you.
You will be interviewed by the probation department.  It's very
important that the information you provide to the probation
department be truthful and accurate.  The presentence report is
very important to me in my decision as to what your sentence
will be.  You and your lawyer will have the opportunity to
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review the presentence report, to challenge anything contained
in the report, and then to speak on your behalf at sentencing.
Give me an estimate as to what a reasonable date for
sentence is.  Six months, nine months?
MR. COWLEY:  Your Honor, I think a control date of
nine months out --
THE COURT:  I really react very badly to the notion of
a control date.  So give me a date that you think is
reasonable, and if you have to adjourn it, that's fine.  But
I'd really like your best --
MR. COWLEY:  Would your Honor be comfortable with a
date of 24 months from today, approximately?
THE COURT:  Wow.  If that you think is the reasonable
time, all right.
MR. COWLEY:  Thank you, your Honor.
THE COURT:  So we're looking at November of 2019.
THE DEPUTY CLERK:  November 15, 2019, at 10 a.m.
THE COURT:  November 15, 2019, 10 a.m.  Is that okay
with both sides?
MR. KEHOE:  Yes, your Honor.
MR. COWLEY:  Yes, your Honor.
THE COURT:  I'd ask for the defendant's submission
fourteen days before sentence and the government's submission
eight days before sentence.  All right?
MR. KEHOE:  Yes.
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MR. COWLEY:  Yes, your Honor.
THE COURT:  No later than eight days before sentence.
I say that because I want to have the submissions sufficiently
in advance of sentence to prepare it and think about it, and I
find the government lately abiding by those deadlines in a
minority of cases, so please, if I don't get the submissions in
time, then I have to put over the sentence, and it's not fair
to the defendant.
MR. COWLEY:  Understood, your Honor.
THE COURT:  All right.  Now the release conditions for
the defendant.  I have the pretrial services report.  What are
the parties' suggestions with respect to release?
MR. COWLEY:  Your Honor, the parties have conferred
and we propose the following proposal, on consent:
A $250,000 personal recognizance bond to be secured by
the signature of one financially responsible person, with that
signature obtained by November 20
th
; a surrendering of
Mr. Dole's passport by December 6, 2017; travel --
THE COURT:  By what date?
MR. COWLEY:  December 6, your Honor.
THE COURT:  Okay.
MR. COWLEY:  Travel restricted to --
THE COURT:  And no applications for additional travel
documents, right?
MR. COWLEY:  That is correct, your Honor.
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Travel restricted to the Southern District of New
York, the Eastern District of New York, the District of
Connecticut, and the District of New Jersey; and then standard
supervision from pretrial.
And your Honor, we'll put this in a letter to you, but
just to flag for you, the defendant has a prior planned trip
overseas to visit relatives that will conclude -- he'll be back
by the 6
th
, and the government consents to that, but we can put
that in a letter application, your Honor, but I do want to flag
it.  So he'll be back in the country by the 6
th
.
THE COURT:  We can do that without a letter.  I mean,
it's on the record.
MR. COWLEY:  That would be great, your Honor.
THE COURT:  So we'll put it in.  And those conditions
are reasonable to assure the continuing presence of the
defendant and safety of the community, so I'll put those into a
bail order.
MR. KEHOE:  Excuse me, your Honor.  Just one thing, to
be clear.  The travel restriction to the Southern District and
Eastern District of New York, and the District of Connecticut
and New Jersey, with the one exception, this travel overseas
starting on the 22
nd
 and back on December 2
nd
.
THE COURT:  Right.  We'll put all of the conditions in
the order and specifically include the fact that the defendant
can make a previously scheduled trip.  Where is the trip to?
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MR. KEHOE:  India, your Honor.
THE COURT:  Previously scheduled trip to India.
Returning when?
MR. KEHOE:  2
nd
 of December.
THE COURT:  Returning December 2.  Okay.
MR. KEHOE:  I think the departure date is
November 22
nd
, the Wednesday before Thanksgiving.
THE COURT:  Okay.  Previously scheduled trip from
November 22 to December 2, to India.
MR. KEHOE:  And we will get the passport when he
returns.  I'll take possession of the passport and turn that
in.
THE COURT:  Okay.  I have a proposed order for sealing
of the documents in the case and for the changing of the
caption in the case to United States v. Doe, supported by a
declaration from Mr. Naftalis.  The copy that I have is not the
original signed copy.
MR. COWLEY:  My apologies for that, your Honor.
Mr. Naftalis is in court right now, but we can submit to
chambers a copy with his personal signature on it.
THE COURT:  Okay.  That will be good.  Well, based on
the representations in the affirmation, I'll sign the sealing
order.  There's a compelling reason to seal the proceedings,
which can't be solved by less restrictive means.  The sealing
is plainly temporary until such time as the cooperation becomes
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known, which it will at some point, and the government
undertakes to advise the Court when that is true.  Both sides
have the right to obtain the transcript of any sealed
proceedings, including today's proceedings.
So I've signed the sealing order.  And if you would
provide us with a signed copy.  Was there no signed copy yet?
How did his signature get on there with an S?
MR. COWLEY:  Candidly, your Honor, I don't know.  I'd
have to confer with Mr. Naftalis before I'd be able to answer
that question.
THE COURT:  Okay.  I assumed he must have authorized
his signature being attached.
MR. COWLEY:  I know that he prepared that document,
your Honor.
THE COURT:  Okay.
MR. COWLEY:  I know that.  I can represent that to the
Court.  And like I said, we'd be happy to get you an inked copy
as soon as possible.
MR. KEHOE:  I have not seen the document, but he
advised me that he had.  I haven't seen the document that's
before you on the sealing.
THE COURT:  Oh, my goodness.  Well, you should.  So
we'll pass down the order and the supporting affirmation just
so that you've seen it.
MR. KEHOE:  Thank you.
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THE COURT:  And let me know when you've reviewed it.
MR. KEHOE:  Yes, your Honor.
(Pause)
MR. KEHOE:  Thank you, your Honor.  No objection.
THE COURT:  Okay.  Could you pass them back up.
Okay.  Mr. Dole, do you understand that if you fail to
return to my courtroom on the date fixed for sentence or any
adjourned date, you will be guilty of a criminal act for which
you could be sentenced to prison wholly separate from, apart
from, and in addition to, any other sentence that you might
receive for the crimes to which you just entered a plea of
guilty?
THE DEFENDANT:  Yes, I do.
THE COURT:  Do you also understand that I've now fixed
all of the conditions for your release and the violation of any
of those conditions can have serious consequences for you?
THE DEFENDANT:  Yes, I do.
THE COURT:  All right.  Then I will see all of you on
the date fixed for sentence or any adjourned date.
Mr. Fletcher is preparing the order now for bail.  I
think you have to go down to the magistrate clerk's office
to --
THE DEPUTY CLERK:  I'll bring them down.
THE COURT:  Okay.  Have a seat.
While I'm waiting, I'll return Court Exhibit 1 to the
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government.
MR. COWLEY:  Thank you, your Honor.
THE COURT:  Okay.  I've signed the bail order, and you
can talk to Mr. Fletcher about going downstairs to sign the
bond.  Okay.
MR. COWLEY:  Thank you, your Honor.
MR. KEHOE:  Thank you, Judge.
THE COURT:  Thank you, all.
o0o
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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 ASHISH DOLE 

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

Complaint and Defendant Ashish Dole (“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 58   Filed 04/11/23   Page 1 of 50

givertzs
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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 

Case 1:18-cv-04145-JPC   Document 58   Filed 04/11/23   Page 2 of 50



3  

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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4  

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

Defendant’s cooperation in a Commission investigation and related enforcement action, the Court 

is not ordering Defendant to pay a civil penalty.  If at any time following the entry of the Final 

Judgment the Commission obtains information indicating that Defendant knowingly provided 

materially false or misleading information or materials to the Commission or in a related 

proceeding, the Commission may, at its sole discretion and without prior notice to the Defendant, 

petition the Court for an order requiring Defendant to pay a civil penalty.  In connection with any 

such petition and at any hearing held on such a motion:  (a)  Defendant will be precluded from 

arguing that he did not violate the federal securities laws as alleged in the Complaint; (b) 

Defendant may not challenge the validity of the Judgment, this Consent, or any related 

Undertakings; (c) the allegations of the Complaint, solely for the purposes of such motion, shall be 

accepted as and deemed true by the Court; and (d) the Court may determine the issues raised in the 

motion on the basis of affidavits, declarations, excerpts of sworn deposition or investigative 

testimony, and documentary evidence without regard to the standards for summary judgment 

contained in Rule 56(c) of the Federal Rules of Civil Procedure.  Under these circumstances, the 

parties may take discovery, including discovery from appropriate non-parties. 

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. § 

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5 

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

April 11

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UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORI(

SECURITIES AND EXCHANGE COMIVflSSION,

Plaintifr,
18 Civ.4145 (JPC)

v.

PREMIUIVI POINT INVESTMENTS LP,
ANILESHA AHUJA aIKh NEIL AHUJA, AMIN
MAJIDI, JEREMY SHO& ASHISH DOLE' and
FRANK DINUCCI, JR.,

Defendants.

CONSENT OF DEX'EI\DANT ASHISH DOLE

1. Defendant Ashish Dole ("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 certrain matters alleged in

the Amended Complaint in this action. Specifically , in United States v. Dole,17 Cr. 698 (KPF)

(S.D.N.Y.), Defendant pleaded guilty to one violation of conspiracy to commit securities fraud and

wire fraud [18 U.S.C. $ 371] and one violation of securities fraud [15 U.S.C. $$ 78j(b) andTSff; 17

C.F.R. $ 240.10b-51.t 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") [5 U.S.C. $ 78j(b)] and Rules 10b-5(a) and (c)

I Otr November 22,2022, upon motion by tJre U.S. Attomey's Office for the Southern District of Nerv York, the court
dismissed one of these counts-that is, the violation of conspiracy to commit securities fraud and wire fraud [8
u.s.c. $ 3711.

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thereunder [7 C.F.R. $$ 240.10b-5(a) and (c)J, Sections l7(a)(1) and l7(a)(3) of the Securities

Act of 1933 ("Securities Acf') [5 U.S.C. $$ 77q(aXl) and (3)]; and Sections 206(1), (2), and (4)

of the Investment Advisers Act of 1940 ("Advisers Acto') U5 U.S.C. $$ 80b-6(1), 80b-6(2), and

80b-6(4)l and Rule 206(a)-8(a)(2) thereunder [7 C.F.R. g 27s.206(a)-8(a)(2)].

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

Defendant's cooperation in a Commission investigation and related enforcement action. Defendant

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

information indicating that Defendant knowingly provided materially false or misleading

information or materials to the Commission or in a related proceeding, the Commission may, at its

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

Defendant to pay a civil penalty. In connection with the Commission's motion for civil penalties,

and at any hearing held on such a motion: (a) Defendant will be precluded from arguing that he

did not violate the federal securities laws as alleged in the Complaint; (b) Defendant may not

challenge the validity of the Judgment, this Consent, or any related Undertakings; (c) the

allegations of the Complaint, solely for the purposes of such motion, shall be accepted as and

deemed true by the Court; and (d) the Court may determine the issues raised in the motion on the

basis of affidavits, declarations, excerpts of swom deposition or investigative testimony, and

documentary evidence without regard to the standards for summary judgment contained in Rule

56(c) of the Federal Rules of Civil Procedure. Under these circumstalces, the parties may take

discovery, including discovery from appropriate non-parties.

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

Rule 52 of the Federal Rules of Civil Procedure.

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

Final Judgment.

2

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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(0, 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

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

aJ

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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 oonot 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, 1l U.S.C. $ 523, that the allegations in the Amended

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

or other amounts due by Defendant under the 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

4

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such laws, as set forth in Section 523(a)(19) of the Bankruptcy Code, 1l 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 riglrts 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 pulposes, Defendant agrces

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.

5

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16. Defendant agrees that this Court shall retain jurisdiction over this matter for the

pqpose of enforcing the terms of the Final Judgment.

Dated: 07 lo? I 2oza heg
Ashish 6ole

o' M,A'ch 3 , 2023, AsL,,ial,-, 5 .haLpersonknowntome,
personally appeared before me and acknowledged executing the foregoing Consent.

6
Notary
Commission expires:

Approved as to form:

Attorney for Defendant

SYLVIA E. LOPEZ
NOTARY PUBLIC, STATE OF NEW YORK

Registration No. 01 LO6059894
Qualified in Westchester County- -Commission Expires June 11,20.L >

6

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Exhibit A 

  

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1

          SOUTHERN DISTRICT REPORTERS, P.C.

            (212) 805-0300

Hbd1doe                 

UNITED STATES DISTRICT COURT 

SOUTHERN DISTRICT OF NEW YORK 

------------------------------x 

 

UNITED STATES OF AMERICA,                

 

           v.                           17 Cr.        (JGK) 

 

JOHN DOE, 

 

               Defendant.          Plea     

 

------------------------------x 

 

                                        New York, N.Y. 

                                        November 13, 2017 

                                        2:55 p.m. 

 

 

Before: 

 

HON. JOHN G. KOELTL, 

 

                                        District Judge 

 

 

APPEARANCES 

 

JOON H. KIM  

     Acting United States Attorney for the 

     Southern District of New York  

BY:  JASON H. COWLEY  

     TELEMACHUS P. KASULIS  

     Assistant United States Attorney 

 

GREENBERG TRAURIG, P.A. 

     Attorneys for Defendant  

BY:  GREGORY W. KEHOE, ESQ. 

 

 

ALSO PRESENT:  MATTHEW MAHAFFEY, FBI Special Agent  

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(Case called) 

THE DEPUTY CLERK:  Will all parties please state who

they are for the record.

MR. COWLEY:  Good afternoon, your Honor.  Jason Cowley

for the United States.  With me at counsel table is my

colleague Tim Kasulis and Special Agent Matt Mahaffey of the

FBI.

MR. KEHOE:  Good afternoon, your Honor.  Gregory Kehoe

on behalf of Ashish Dole.

THE COURT:  Good afternoon.

MR. KEHOE:  Good afternoon.

THE COURT:  I should point out at the outset that the

assistant who is on the appearance sheet, Mr. Naftalis, is

someone whom I know personally and professionally, but there's

nothing about that that affects anything that I do in the case.

I just bring it to your attention.

All right.  I understand that the defendant has an

application?

MR. KEHOE:  Yes, your Honor.  The defendant has an

application that we've agreed to plead guilty to the

information that is now before the Court.  I believe that we

have executed the waiver of indictment form that the government

has in its possession.

THE COURT:  Yes.  Is this the defendant's first

appearance?

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MR. KEHOE:  Yes, your Honor.

THE COURT:  Okay.  So the defendant wishes to waive

indictment and plead guilty to the information pursuant to a

plea agreement, right?

MR. KEHOE:  Yes, your Honor.

THE COURT:  I have a November 2, 2017 letter to

yourself, Mr. Kehoe, appears to be signed by Mr. Naftalis,

Ms. Zornberg on behalf of the government, and signed by

Mr. Dole and yourself on November 10, 2017.

MR. KEHOE:  Yes, your Honor.

THE COURT:  That's the plea agreement?

MR. KEHOE:  Yes, your Honor.

THE COURT:  Okay.  I've marked that as Court

Exhibit 1.

Let me begin by advising the defendant of his rights,

because this is the defendant's first appearance.

Mr. Dole, you have the right to remain silent.  You

need not make any statement.  Even if you have already made

statements to the authorities, you need not make any additional

statements.  Any statements that you do make can be used

against you.  Do you understand that?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  You have the right to be represented by a

lawyer today and at all future proceedings in this case.  And

if you are unable to afford an attorney, I will appoint an

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          SOUTHERN DISTRICT REPORTERS, P.C.

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Hbd1doe                 

attorney to represent you.  Do you understand that?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  You're being represented by Mr. Kehoe and

Mr. Kehoe is retained, is that correct?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  Okay.  If at any point you do not have the

resources to continue to be represented by a lawyer whom you

pay, I will appoint a lawyer to represent you free of cost.  Do

you understand that?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  All right.  Mr. Fletcher, please

administer the oath to the defendant.

(Defendant sworn) 

THE DEPUTY CLERK:  Please state your full name for the

record.

THE DEFENDANT:  Ashish S. Dole.

THE DEPUTY CLERK:  Thank you.  Please remain standing.

THE COURT:  Do you pronounce your last name "Doe-lay"?

THE DEFENDANT:  Yes.

THE COURT:  All right.  Mr. Dole, do you understand

that you are now under oath and that if you answer any of my

questions falsely, your false or untrue answers may later be

used against you in another prosecution for perjury or making a

false statement?

THE DEFENDANT:  Yes, your Honor.

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THE COURT:  All right.  I'll incorporate the

allocution on the guilty plea together with the arraignment and

waiver of indictment, if that's satisfactory with everyone.

MR. COWLEY:  That's fine, your Honor.

MR. KEHOE:  That's fine.

THE COURT:  Okay.  Mr. Dole, let me just repeat, do

you understand that you are now under oath and that if you

answer any of my questions falsely, your false or untrue

answers may later be used against you in another prosecution

for perjury or making a false statement?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  Tell me your full name, please.

THE DEFENDANT:  Ashish S. Dole.

THE COURT:  How old are you?

THE DEFENDANT:  Thirty-four years old.

THE COURT:  How far did you go in school?

THE DEFENDANT:  I got a master's from Cornell

University.

THE COURT:  Are you a citizen of the United States?

THE DEFENDANT:  Yes, I am.

THE COURT:  Are you able to speak and understand

English?

THE DEFENDANT:  Yes.

THE COURT:  Are you now or have you recently been

under the care of a doctor or a psychiatrist?

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THE DEFENDANT:  No.

THE COURT:  Have you ever been treated or hospitalized

for any mental illness or any type of addiction, including drug

or alcohol addiction?

THE DEFENDANT:  No.

THE COURT:  In the past 24 hours have you taken any

drugs, medicine, or pills or have you drunk any alcohol?

THE DEFENDANT:  No.

THE COURT:  I'm sorry?

THE DEFENDANT:  No, I have not.

THE COURT:  Is your mind clear today?

THE DEFENDANT:  Yes, it is.

THE COURT:  Are you feeling all right today?

THE DEFENDANT:  Yes, I am.

THE COURT:  Do either counsel have any doubt as to the

defendant's competence to waive indictment, agree to proceed by

information, and enter an informed plea of guilty to the

information?

MR. COWLEY:  Not the government, your Honor.

MR. KEHOE:  No, your Honor.

THE COURT:  Mr. Dole, your lawyer has informed me that

what you wish to do is to waive indictment, agree to proceed by

information, and enter a plea of guilty to the information.  Is

that what you wish to do?

THE DEFENDANT:  Yes, your Honor.

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Hbd1doe                 

THE COURT:  Have you had a full opportunity to discuss

your case with your lawyer and to discuss the consequences of

waiving indictment, agreeing to proceed by information, and

entering a plea of guilty to the information?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  Are you satisfied with Mr. Kehoe and his

representation of you?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  On the basis of Mr. Dole's responses to my

questions and my observations of his demeanor, I find that he

is fully competent to enter an informed plea at this time.

Now, Mr. Dole, before I accept any plea from you, I'm

going to be asking you certain questions.  My questions are

intended to satisfy me that you wish to plead guilty because

you are in fact guilty and that you fully understand the

consequences of your plea, and, furthermore, that you are

pleading guilty knowingly and voluntarily and that there is an

independent basis in fact for your plea.  Do you understand

that?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  I'm now going to describe to you certain

rights that you have under the Constitution and laws of the

United States, which rights you will be giving up if you enter

a plea of guilty.  Please listen to me very carefully.  If

there is anything that I say that you don't understand, please

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ask me to stop, and either I or Mr. Kehoe will explain it to

you more fully.  All right?

THE DEFENDANT:  Yes.  Yes, your Honor.

THE COURT:  Now, Mr. Dole, under the Constitution and

laws of the United States, you have a right to a speedy and

public trial by a jury on the charges against you which are

contained in the information.  Do you understand that?

THE DEFENDANT:  Yes, I do.

THE COURT:  If there were a trial, you would be

presumed to be innocent and the government would be required to

prove you guilty by competent evidence and beyond a reasonable

doubt.  You would not have to prove that you were innocent at

trial.  Do you understand that?

THE DEFENDANT:  Yes, I do.

THE COURT:  If there were a trial, a jury composed of

12 people selected from this district would have to agree

unanimously that you were guilty.  Do you understand that?

THE DEFENDANT:  Yes, I do.

THE COURT:  If there were a trial, you would have the

right to be represented by a lawyer, and if you could not

afford a lawyer, a lawyer would be provided to you free of

cost.  Do you understand that?

THE DEFENDANT:  Yes, I do.

THE COURT:  In fact, Mr. Dole, as I told you a little

while ago, at the outset of these proceedings, you have a right

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to be represented by a lawyer at trial and at every other stage

of the proceedings.  And if you cannot afford a lawyer, a

lawyer would be provided to you free of cost.  Do you

understand that?

THE DEFENDANT:  Yes, I do.

THE COURT:  If there were a trial, you would have the

right to see and hear all of the witnesses against you, and

your attorney could cross-examine them, you would have a right

to have your attorney object to the government's evidence and

offer evidence on your behalf if you so desired, and you would

have the right to have subpoenas issued or other compulsory

process used to compel witnesses to testify in your defense,

and you would not be required to testify.  Do you understand

all of that?

THE DEFENDANT:  Yes, I do.

THE COURT:  If there were a trial, you would have the

right to testify if you wanted to, but no one could force you

to testify if you didn't want to; and furthermore, no inference

or suggestion of guilt could be drawn if you chose not to

testify at trial.  Do you understand that?

THE DEFENDANT:  Yes, I do.

THE COURT:  Mr. Dole, do you understand each and every

one of the rights that I've described to you?

THE DEFENDANT:  Yes, I do.

THE COURT:  Do you have any questions about any of

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those rights?

THE DEFENDANT:  No, I don't.

THE COURT:  Do you understand that by entering a plea

of guilty today, you're giving up each and every one of those

rights, that you are waiving those rights, and that you will

have no trial?

THE DEFENDANT:  Yes, I do.

THE COURT:  Do you understand that you can change your

mind right now and refuse to enter a plea of guilty?  You don't

have to enter this plea if you don't want to for any reason at

all.  Do you understand that completely?

THE DEFENDANT:  Yes, I do.

THE COURT:  Now, Mr. Dole, I have a waiver of

indictment.  It reads, "The above-named defendant, who is

accused of violating 15 U.S.C. Sections 78j(b) and 78ff, 17

C.F.R. Section 240.10b-5, and 18 U.S.C. Sections 371 and 2,

being advised of the nature of the charges and of his rights,

hereby waives in open court prosecution by indictment and

consents that the proceeding may be by information instead of

by indictment."  This appears to be signed by you and your

lawyer and witnessed by Mr. Fletcher and dated today,

November 13, 2017.  Have you signed this waiver of indictment?

THE DEFENDANT:  Yes, I have.

THE COURT:  Before you signed it did you discuss it

with your lawyer?

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THE DEFENDANT:  Yes, I did.

THE COURT:  Did he explain it to you?

THE DEFENDANT:  Yes.

THE COURT:  Do you understand what you are doing?

THE DEFENDANT:  Yes, I do.

THE COURT:  Do you understand that you're under

absolutely no obligation to waive indictment and agree to

proceed by information?

THE DEFENDANT:  I -- I understand.

THE COURT:  You --

THE DEFENDANT:  I understand.

THE COURT:  Do you understand that if you did not

waive indictment and if the government wanted to prosecute you

on the charges that are contained in the information, the

government would have to present its case to a grand jury,

which may or may not indict you?

THE DEFENDANT:  I understand.

THE COURT:  Do you understand that by signing this

waiver of indictment, you have given up your right to have your

case presented to a grand jury?

THE DEFENDANT:  Yes, I do.

THE COURT:  Do you understand what a grand jury is?

THE DEFENDANT:  Yeah.  It's --

THE COURT:  Well, just so that you understand, a grand

jury consists of 23 people, of which at least 16 must be

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            (212) 805-0300

Hbd1doe                 

present to conduct business, and at least 12 people must vote

for an indictment.  Otherwise, the grand jury could not return

an indictment against you.  Do you understand?

THE DEFENDANT:  Yes, I do.

THE COURT:  Okay.  Did anyone make any threats or

promises to you to get you to waive indictment and agree to

proceed by information?

THE DEFENDANT:  No.

THE COURT:  Did you sign this waiver of indictment

knowingly and voluntarily?

THE DEFENDANT:  Yes, I did.

THE COURT:  I find that the defendant's waiver of

indictment is knowing and voluntary.

Now, Mr. Dole, have you seen a copy of the information

against you?

THE DEFENDANT:  Yes, I have.

THE COURT:  Do you want me to read the information

aloud to you in open court or do you wish to give up or waive

the reading of the information?

THE DEFENDANT:  No, you don't need to read it.

THE COURT:  Okay.  So you waive the reading of the

information, is that correct?

THE DEFENDANT:  Yes.

THE COURT:  Okay.  I'm going to go over the

information with you in any event to make sure that I'm

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            (212) 805-0300

Hbd1doe                 

satisfied that you understand the charges against you and what

the government would be required to prove beyond a reasonable

doubt before you could be convicted of those charges, and,

finally, what the maximum penalties are for the charges to

which you are entering a plea of guilty.

So Count One of the information charges a conspiracy

to commit securities fraud and wire fraud.  And after various

background allegations, the information goes on to describe a

mismarking scheme and then makes certain allegations to satisfy

the elements of the crime that is charged against you.  More

specifically, the information charges that from at least in or

about 2014 through in or about 2016, in the Southern District

of New York and elsewhere, Ashish Dole, the defendant, and

others known and unknown wilfully and knowingly did combine,

conspire, confederate, and agree, together and with each other,

to commit offenses against the United States, to wit,

securities fraud, in violation of Title 15 United States Code

Sections 78j(b) and 78ff and Title 17 Code of Federal

Regulations Section 240.10b-5; and wire fraud, in violation of

Title 18 United States Code Section 1343.

It was a part and an object of the conspiracy that

Ashish Dole, the defendant, and others known and unknown,

wilfully and knowingly, directly and indirectly, by use of the

means and instrumentalities of interstate commerce, and of the

mails, and the facilities of national securities exchanges,

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            (212) 805-0300

Hbd1doe                 

would and did use and employ, in connection with the purchase

and sale of securities, manipulative and deceptive devices and

contrivances, in violation of Title 17 Code of Federal

Regulations Section 240.10b-5, by: (a) employing devices,

schemes, and artifices to defraud; (b) making and causing to be

made untrue statements of material fact, and omitting to state

material facts necessary in order to make the statements made,

in light of the circumstances under which they were made, not

misleading; and (c) engaging in acts, practices, and courses of

business which operated and would operate as a fraud and deceit

upon persons, in violation of Title 15 United States Code

Sections 78j(b) and 78ff.

It was further a part and an object of the conspiracy

that Ashish Dole, the defendant, and others known and unknown,

wilfully and knowingly, having devised and intending to devise

a scheme and artifice to defraud, and for obtaining money and

property by means of false and fraudulent pretenses,

representations, and promises, would and did transmit and cause

to be transmitted by means of wire, radio, and television

communication, in interstate on foreign commerce, writings,

signs, signals, pictures, and sounds for the purpose of

executing such scheme and artifice, in violation of Title 18

United States Code Section 1343.

In furtherance of the conspiracy and to effect its

illegal object, Ashish Dole, the defendant, committed the

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            (212) 805-0300

Hbd1doe                 

following overt act, among others, in the Southern District of

New York and elsewhere:  

On or about March 6, 2015, in New York, New York, Dole

sent a text to a supervisor at the firm indicating that a

particular corrupt broker "can of course mark bonds anywhere,"

all this in violation of Title 18 United States Code

Section 371.

Do you understand that's what you are charged with or

a summary of what you're charged with in Count One of the

information?

THE DEFENDANT:  Yes.

THE COURT:  Do you understand that if you did not

plead guilty, the government would be required to prove each

and every part or element of the charge against you beyond a

reasonable doubt at trial?

THE DEFENDANT:  Yes, I do.

THE COURT:  Do you understand that at trial, the

government would be required to prove beyond a reasonable

doubt: first, that two or more persons entered into the

unlawful agreement charged in Count One of the indictment

starting in or about 2013; second, that you, the defendant,

knowingly and wilfully became a member of the conspiracy;

third, that one of the members of the conspiracy knowingly

committed at least one overt act charged in the indictment, or

in the information, or a substantially similar overt act; and

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            (212) 805-0300

Hbd1doe                 

finally, that the overt act which the jury found to have been

committed was committed to further some objective of the

conspiracy?  Do you understand the government would be required

to prove all of those elements beyond a reasonable doubt at

trial?

THE DEFENDANT:  Yes, I do.

THE COURT:  Do you understand that the maximum penalty

for the crime charged in Count One is a maximum sentence of

five years in prison, a maximum term of three years' supervised

release, a maximum fine of the greatest of $250,000 or twice

the gross pecuniary gain derived from the offense, or twice the

gross pecuniary loss to persons other than yourself as a result

of the offense, and a mandatory $100 special assessment?  Do

you understand that's the maximum penalty for the crime charged

in Count One?

THE DEFENDANT:  Yes, I do.

THE COURT:  Count Two charges securities fraud.  First

of all, it repeats the allegations contained in paragraphs 1

through 7 and 11 of the information, and then it charges that

from at least in or about 2014 through in or about 2016, in the

Southern District of New York and elsewhere, Ashish Dole, the

defendant, wilfully and knowingly, directly and indirectly, by

use of the means and instrumentalities of interstate commerce,

and of the mails, and the facilities of national securities

exchanges, used and employed, in connection with the purchase

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          SOUTHERN DISTRICT REPORTERS, P.C.

            (212) 805-0300

Hbd1doe                 

and sale of securities, manipulative and deceptive devices and

contrivances, in violation of Title 17 Code of Federal

Regulations Section 240.10b-5, by: (a) employing devices,

schemes, and artifices to defraud; (b) making and causing to be

made untrue statements of material fact, and omitting to state

material facts necessary in order to make the statements made,

in light of the circumstances under which they were made, not

misleading; and (c) engaging in acts, practices, and courses of

business which operated and would operate as a fraud and deceit

upon persons, to wit, Dole caused false and misleading

representations and omissions to be made to current and

prospective investors regarding NAV, which is net asset value,

for the hedge fund and the new issue hedge funds, including by

soliciting and applying artificially inflated marks on

securities held by the hedge fund and the new issue hedge

funds, in violation of Title 15 United States Code Sections

78j(b) and 78ff, 17 Code of Federal Regulations

Section 240.10b-5, and Title 18 United States Code Section 2.

Do you understand that's what you are charged with in Count

Two --

THE DEFENDANT:  Yes, your Honor.

THE COURT:  -- of the information?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  Okay.  Do you understand that if you did

not plead guilty, the government would be required to prove

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          SOUTHERN DISTRICT REPORTERS, P.C.

            (212) 805-0300

Hbd1doe                 

beyond a reasonable doubt at trial: first, that in connection

with the purchase or sale of securities, you, the defendant,

did any one or more of the following: (1) employed a device,

scheme, or artifice to defraud; or (2) made an untrue statement

of a material fact or omitted to state a material fact which

made what was said under the circumstances misleading; and (3)

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, the defendant, acted wilfully,

knowingly, and with the intent to defraud; and third, that you,

the defendant, knowingly used or caused to be used any means or

instruments of transportation or communication in interstate

commerce, or use of the mails, in furtherance of the fraudulent

conduct?  Do you understand that the government would be

required to prove all of that beyond a reasonable doubt at

trial?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  I'm just pausing because is it sufficient

if the facilities of a national securities exchange are used

rather than simply means and instrumentalities of interstate

commerce or of the mails?

MR. COWLEY:  I think it can be either or under the

statute, but for purposes of, you know, what the government

would prove at trial, your Honor, was that the use of

communications in interstate commerce were utilized to satisfy

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          SOUTHERN DISTRICT REPORTERS, P.C.

            (212) 805-0300

Hbd1doe                 

that element of securities fraud.

THE COURT:  I also mentioned the instrumentalities of

transportation.  That could be relied on, but it's not being

relied on in this case.

MR. COWLEY:  That's also correct, your Honor.

THE COURT:  So I went over what the government would

be required to prove beyond a reasonable doubt at trial.  And

the government says in this case it would be relying on the

means and instrumentalities of interstate commerce.  Do you

understand that?

THE DEFENDANT:  Yes, sir.

THE COURT:  Okay.  Do you understand that the maximum

penalty for the crime charged in Count Two is a maximum

sentence of 20 years in prison, a maximum term of three years

of supervised release, a maximum fine of the greatest of

$5 million or twice the gross pecuniary gain derived from the

offense or twice the gross pecuniary loss to a person or

persons other than yourself as a result of the offense, and a

$100 mandatory special assessment?  Do you understand that's

the maximum penalty for the crime charged in Count Two of the

information?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  Do you also understand that when I talk

about supervised release, supervised release means that you

will be subject to monitoring when you are released from prison

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          SOUTHERN DISTRICT REPORTERS, P.C.

            (212) 805-0300

Hbd1doe                 

and that the monitoring is to be under terms and conditions

which could lead to reimprisonment without a jury trial if you

violate them?

THE DEFENDANT:  Yes, I do.  Yes, I do.

THE COURT:  Do you understand that if you violated the

terms of supervised release and were sentenced to prison, you

could be sentenced to prison for the entire term of supervised

release without any credit for any time you had already spent

on supervised release?

THE DEFENDANT:  Yes, I do.

THE COURT:  Do you also understand that as part of

your sentence, I can also order restitution to any person

injured as a result of your criminal conduct?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  The information also includes a forfeiture

allegation in which the government seeks to have you forfeit to

the government any property, real or personal, which

constitutes or is derived from proceeds traceable to the

commission of the offenses charged in Counts One and Two of the

information, including but not limited to a sum of money in

United States currency representing the amount of proceeds

traceable to the commission of those offenses, and if any of

that forfeitable property cannot be located or has been

transferred or sold or placed beyond the jurisdiction of the

Court or substantially diminished in value or commingled with

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          SOUTHERN DISTRICT REPORTERS, P.C.

            (212) 805-0300

Hbd1doe                 

other property, then it's the intent of the government to have

you forfeit any other property that you own, up to the value of

the forfeitable property?  Do you understand that?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  So do you understand that as part of your

sentence, I can also order forfeiture?

THE DEFENDANT:  Yes, I do.

THE COURT:  Now, Mr. Dole, you're pleading to two

separate counts in the information.  You'll be separately

sentenced on each of those counts, and I can order that the

sentences on those counts be served concurrently, that is, at

the same time, or consecutively, that is, one right after the

other.  So you're facing a sentence of imprisonment of 25

years, 5 years on Count One plus 20 years on Count Two.  Do you

understand that?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  Do you also understand that I can also

order that the fines be added together and that I must order

the special assessment be added together, so you're facing a

special assessment of $200?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  Do you also understand that if I accept

your guilty plea and adjudge you guilty, that adjudication may

deprive of you valuable civil rights, such as the right to

vote, the right to hold public office, the right to serve on a

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            (212) 805-0300

Hbd1doe                 

jury, and the right to possess any kind of firearm?

THE DEFENDANT:  I understand.

THE COURT:  Now, Mr. Dole, under current law there are

Sentencing Guidelines that judges must consult in determining

your sentence.  You've spoken to your lawyer about the

Sentencing Guidelines, haven't you?

THE DEFENDANT:  Yes, I have.

THE COURT:  Do you understand that I as the sentencing

court will not be able to determine your guidelines sentencing

range until after the probation department has completed the

presentence report, after you and your lawyer and the

government have had an opportunity to challenge anything

contained in the report, and to bring those challenges to my

attention?  Do you understand that?

THE DEFENDANT:  Yes, I do.

THE COURT:  Do you also understand that even after

it's determined what the basic guidelines sentencing range is

in your case, I have the authority in some circumstances to

depart upward or downward from the sentence that is otherwise

called for by the guidelines?  Do you understand?

THE DEFENDANT:  Yes, I do.

THE COURT:  And even after I've made that

determination, I must consult other statutory factors to arrive

at a final conclusion as to what the appropriate and reasonable

sentence is in your case.  Do you understand that?

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            (212) 805-0300

Hbd1doe                 

THE DEFENDANT:  Yes, your Honor.

THE COURT:  Do you also understand that if you are

sentenced to prison, parole has been abolished and you will not

be released any earlier on parole?

THE DEFENDANT:  Yes, I do.

THE COURT:  Do you understand that if your lawyer or

anyone else has attempted to estimate or predict what your

sentence will be, that their estimate or prediction could be

wrong?

THE DEFENDANT:  Yes, I do.

THE COURT:  No one, Mr. Dole -- not your lawyer, not

the government, no one -- can nor should give you any assurance

of what your sentence will be, since that sentence can only be

determined after the probation department has completed the

presentence report, after I have ruled on any challenges to the

report, and after I have determined what the appropriate and

reasonable sentence is in your case.  Do you understand that?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  And do you also understand that even if

your sentence is different from what your lawyer or anyone else

told you that it might be or if it's different from what you

expect it to be, you will still be bound by your guilty plea

and you will not be allowed to withdraw your plea of guilty?

Do you understand that?

THE DEFENDANT:  Yes, I do.  Yes, I do.

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            (212) 805-0300

Hbd1doe                 

THE COURT:  I'm sorry?

THE DEFENDANT:  Yes, I do.

THE COURT:  Now, Mr. Dole, I've been given the plea

agreement which you heard me discuss with your lawyer at the

outset, the November 2, 2017 letter from the government to your

lawyer.  I've marked it as Court Exhibit 1.  It appears to be

signed by representatives of the government and then by you and

Mr. Kehoe on November 10th.  Have you signed this plea

agreement?

THE DEFENDANT:  Yes, I have.

THE COURT:  And did you read this agreement, Court

Exhibit 1, before you signed it?

THE DEFENDANT:  Yes, I did.

THE COURT:  Did you discuss it with your lawyer before

you signed it?

THE DEFENDANT:  Yes, I did.

THE COURT:  Did you fully understand the agreement

before you signed it?

THE DEFENDANT:  Yes, I did.

THE COURT:  Does this letter agreement constitute your

complete and total understanding of the entire agreement

between the government, your lawyer, and you?

THE DEFENDANT:  Yes, it does.

THE COURT:  Is everything that you understand about

your plea and your sentence contained in this plea agreement?

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            (212) 805-0300

Hbd1doe                 

THE DEFENDANT:  Yes, it is.

THE COURT:  Has anything been left out?

THE DEFENDANT:  No.

THE COURT:  You can talk to your lawyer.

THE DEFENDANT:  No.

THE COURT:  Has anything been left out?

THE DEFENDANT:  No.

THE COURT:  Has anyone offered you any inducements or

threatened you or forced you to plead guilty or to enter into

this plea agreement?

THE DEFENDANT:  No, they have not.

THE COURT:  There is a provision of the plea agreement

that provides that under certain circumstances the government

will file a motion pursuant to Section 5K1.1 of the Sentencing

Guidelines.  Now do you understand that even if the government

files such a motion, the Court is not under any obligation to

grant such a motion?

THE DEFENDANT:  Yes, I do.

THE COURT:  Do you understand that the Court is not

bound by the plea agreement or by any of the provisions in the

plea agreement?  The Court must make an independent

determination of the appropriate sentence in your case, and

even if anything in that sentence differs from anything that's

contained in the plea agreement, you will still be bound by

your guilty plea and you will not be allowed to withdraw your

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          SOUTHERN DISTRICT REPORTERS, P.C.

            (212) 805-0300

Hbd1doe                 

plea of guilty?  Do you understand that?

THE DEFENDANT:  Yes, your Honor.

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

defense that would prevail at the trial of Mr. Dole?

MR. KEHOE:  No, your Honor.

THE COURT:  Do you know of any reason why Mr. Dole

should not be permitted to enter a plea of guilty?

MR. KEHOE:  No, your Honor.

THE COURT:  Mr. Dole, please tell me what you did in

connection with the two charges to which you are entering a

plea of guilty.

THE DEFENDANT:  On orders of my superiors --

THE COURT:  Whoa.  Go a little slower and a little

louder.

THE DEFENDANT:  On the orders of my superiors, I

helped solicit false marks for bonds in the respective books

even though I was not trading these bonds.  I obtained these

marks knowing that they were false and that they would be used

to calculate the net asset value.

THE COURT:  You said that you were under orders of

your superiors.  Did you agree with your superiors to do what

you did?

THE DEFENDANT:  Yes.

THE COURT:  The information charges that this unlawful

agreement began in or about 2013.  Is that correct?

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          SOUTHERN DISTRICT REPORTERS, P.C.

            (212) 805-0300

Hbd1doe                 

You can talk to your lawyer.

(Defendant conferring with his counsel) 

THE DEFENDANT:  Your Honor, they were doing it since

2013, but my involvement really was later in 2014, maybe 2015.

THE COURT:  All right.  You joined the unlawful

agreement in about 2014.

THE DEFENDANT:  Yes.

THE COURT:  Okay.  The false marks on the bonds, they

were being used to sell the bonds?

THE DEFENDANT:  They were being used to calculate

performance.

THE COURT:  So --

THE DEFENDANT:  Funds returns.

THE COURT:  I'm sorry?

THE DEFENDANT:  Funds returns.  So the returns on the

hedge funds.  

THE COURT:  The false marks were used to calculate the

net asset value of the hedge funds?

THE DEFENDANT:  That's right.

THE COURT:  And was that in turn something that was

communicated through the mails?

THE DEFENDANT:  To our investors, yes.

THE COURT:  I'm sorry?

THE DEFENDANT:  Yes, to our investors.

THE COURT:  All right.

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          SOUTHERN DISTRICT REPORTERS, P.C.

            (212) 805-0300

Hbd1doe                 

MR. KEHOE:  Just one thing, Judge.  I believe that the

government charged the use of interstate communications, and I

believe most of that information was communicated through the

wires and not necessarily the mails.

THE COURT:  Is that right, Mr. Dole?

THE DEFENDANT:  I would -- I would believe so.  I was

never actually part of that.

THE COURT:  Okay.  Would the government's evidence

show that the false statements were communicated over the

wires?

MR. COWLEY:  Yes, your Honor.  The government would be

able to prove at trial that communications to investors in the

fund and potential investors, including representations about

the fund's performance, were passed through interstate

communications involving email.

THE COURT:  Interstate communications involving?

MR. COWLEY:  Email, your Honor.

THE COURT:  Okay.  Are you prepared to accept that,

Mr. Dole?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  Okay.  Where did you do the acts that

you've described to me?

Where?  Were you in New York?

THE DEFENDANT:  In New York City.

THE COURT:  In Manhattan.

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THE DEFENDANT:  Yes.

THE COURT:  The information says that on or about

March 6, 2015, in New York, New York, you sent a text to a

supervisor at the firm indicating that a particular corrupt

broker "can of course mark bonds anywhere."  Did you do that?

THE DEFENDANT:  Yes, I did.

THE COURT:  And was that in furtherance of the

agreement that you've described to me?

THE DEFENDANT:  Yes, it was.

THE COURT:  When you did the acts that you've

described to me, did you know that what you were doing was

wrong and illegal?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  Does the government want me to ask any

other questions of the defendant?

MR. COWLEY:  No, your Honor.  The government is

satisfied with that allocution, coupled with the factual

proffer the government previously provided.

THE COURT:  Okay.  Now tell me what the government's

evidence would be at trial.

MR. COWLEY:  If this matter proceeded to trial, your

Honor, the evidence would consist of testimony from one of the

brokers that was utilized to carry out the scheme, internal

email communications among members of the scheme, text message

communications among members of the scheme, and investor

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witnesses regarding representations they received from the fund

with respect to its purported performance.

THE COURT:  And would the government's proof establish

the defendant's guilt of each of the charges beyond a

reasonable doubt?

MR. COWLEY:  Yes, it would, your Honor.

THE COURT:  All right.  Mr. Dole, how do you plead to

the charge against you in Count One of the information, guilty

or not guilty?

THE DEFENDANT:  Guilty.

THE COURT:  Mr. Dole, how do you plead to the charge

against you in Count Two of the information, guilty or not

guilty?

THE DEFENDANT:  Guilty.

THE COURT:  Are you pleading guilty because you are in

fact guilty?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  Are you pleading guilty voluntarily and of

your own free will?

THE DEFENDANT:  Yes, your Honor.

THE COURT:  Before I finally accept the defendant's

plea, Mr. Kehoe, do you want me to ask any other questions of

the defendant?

MR. KEHOE:  No, your Honor.

THE COURT:  Do you know of any reason that I should

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not accept his plea?

MR. KEHOE:  I do not, your Honor.

THE COURT:  Does the government want me to ask any

other questions of the defendant?

MR. COWLEY:  No, your Honor.

THE COURT:  Does the government know of any reason

that I should not accept his plea?

MR. COWLEY:  It does not.

THE COURT:  All right.  Mr. Dole, because you

acknowledge that you are guilty as charged in Counts One and

Two of the information, because I find that you know your

rights and are waiving them knowingly and voluntarily, because

I find that your plea is entered knowingly and voluntarily and

is supported by an independent basis in fact, containing each

of the essential elements of the offenses, I accept your guilty

plea and I adjudge you guilty of the offenses to which you are

pleading.

All right.  You all can sit down.

Now, Mr. Dole, the probation department will now

prepare a presentence report to assist me in sentencing you.

You will be interviewed by the probation department.  It's very

important that the information you provide to the probation

department be truthful and accurate.  The presentence report is

very important to me in my decision as to what your sentence

will be.  You and your lawyer will have the opportunity to

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review the presentence report, to challenge anything contained

in the report, and then to speak on your behalf at sentencing.

Give me an estimate as to what a reasonable date for

sentence is.  Six months, nine months?

MR. COWLEY:  Your Honor, I think a control date of

nine months out --

THE COURT:  I really react very badly to the notion of

a control date.  So give me a date that you think is

reasonable, and if you have to adjourn it, that's fine.  But

I'd really like your best --

MR. COWLEY:  Would your Honor be comfortable with a

date of 24 months from today, approximately?

THE COURT:  Wow.  If that you think is the reasonable

time, all right.

MR. COWLEY:  Thank you, your Honor.

THE COURT:  So we're looking at November of 2019.

THE DEPUTY CLERK:  November 15, 2019, at 10 a.m.

THE COURT:  November 15, 2019, 10 a.m.  Is that okay

with both sides?

MR. KEHOE:  Yes, your Honor.

MR. COWLEY:  Yes, your Honor.

THE COURT:  I'd ask for the defendant's submission

fourteen days before sentence and the government's submission

eight days before sentence.  All right?

MR. KEHOE:  Yes.

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MR. COWLEY:  Yes, your Honor.

THE COURT:  No later than eight days before sentence.

I say that because I want to have the submissions sufficiently

in advance of sentence to prepare it and think about it, and I

find the government lately abiding by those deadlines in a

minority of cases, so please, if I don't get the submissions in

time, then I have to put over the sentence, and it's not fair

to the defendant.

MR. COWLEY:  Understood, your Honor.

THE COURT:  All right.  Now the release conditions for

the defendant.  I have the pretrial services report.  What are

the parties' suggestions with respect to release?

MR. COWLEY:  Your Honor, the parties have conferred

and we propose the following proposal, on consent:  

A $250,000 personal recognizance bond to be secured by

the signature of one financially responsible person, with that

signature obtained by November 20th; a surrendering of

Mr. Dole's passport by December 6, 2017; travel --

THE COURT:  By what date?

MR. COWLEY:  December 6, your Honor.

THE COURT:  Okay.

MR. COWLEY:  Travel restricted to --

THE COURT:  And no applications for additional travel

documents, right?

MR. COWLEY:  That is correct, your Honor.

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Travel restricted to the Southern District of New

York, the Eastern District of New York, the District of

Connecticut, and the District of New Jersey; and then standard

supervision from pretrial.

And your Honor, we'll put this in a letter to you, but

just to flag for you, the defendant has a prior planned trip

overseas to visit relatives that will conclude -- he'll be back

by the 6th, and the government consents to that, but we can put

that in a letter application, your Honor, but I do want to flag

it.  So he'll be back in the country by the 6th.

THE COURT:  We can do that without a letter.  I mean,

it's on the record.

MR. COWLEY:  That would be great, your Honor.

THE COURT:  So we'll put it in.  And those conditions

are reasonable to assure the continuing presence of the

defendant and safety of the community, so I'll put those into a

bail order.

MR. KEHOE:  Excuse me, your Honor.  Just one thing, to

be clear.  The travel restriction to the Southern District and

Eastern District of New York, and the District of Connecticut

and New Jersey, with the one exception, this travel overseas

starting on the 22nd and back on December 2nd.

THE COURT:  Right.  We'll put all of the conditions in

the order and specifically include the fact that the defendant

can make a previously scheduled trip.  Where is the trip to?

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MR. KEHOE:  India, your Honor.

THE COURT:  Previously scheduled trip to India.

Returning when?

MR. KEHOE:  2nd of December.

THE COURT:  Returning December 2.  Okay.

MR. KEHOE:  I think the departure date is

November 22nd, the Wednesday before Thanksgiving.

THE COURT:  Okay.  Previously scheduled trip from

November 22 to December 2, to India.

MR. KEHOE:  And we will get the passport when he

returns.  I'll take possession of the passport and turn that

in.

THE COURT:  Okay.  I have a proposed order for sealing

of the documents in the case and for the changing of the

caption in the case to United States v. Doe, supported by a

declaration from Mr. Naftalis.  The copy that I have is not the

original signed copy.

MR. COWLEY:  My apologies for that, your Honor.

Mr. Naftalis is in court right now, but we can submit to

chambers a copy with his personal signature on it.

THE COURT:  Okay.  That will be good.  Well, based on

the representations in the affirmation, I'll sign the sealing

order.  There's a compelling reason to seal the proceedings,

which can't be solved by less restrictive means.  The sealing

is plainly temporary until such time as the cooperation becomes

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known, which it will at some point, and the government

undertakes to advise the Court when that is true.  Both sides

have the right to obtain the transcript of any sealed

proceedings, including today's proceedings.

So I've signed the sealing order.  And if you would

provide us with a signed copy.  Was there no signed copy yet?

How did his signature get on there with an S?

MR. COWLEY:  Candidly, your Honor, I don't know.  I'd

have to confer with Mr. Naftalis before I'd be able to answer

that question.

THE COURT:  Okay.  I assumed he must have authorized

his signature being attached.

MR. COWLEY:  I know that he prepared that document,

your Honor.

THE COURT:  Okay.

MR. COWLEY:  I know that.  I can represent that to the

Court.  And like I said, we'd be happy to get you an inked copy

as soon as possible.

MR. KEHOE:  I have not seen the document, but he

advised me that he had.  I haven't seen the document that's

before you on the sealing.

THE COURT:  Oh, my goodness.  Well, you should.  So

we'll pass down the order and the supporting affirmation just

so that you've seen it.

MR. KEHOE:  Thank you.

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THE COURT:  And let me know when you've reviewed it.

MR. KEHOE:  Yes, your Honor.

(Pause) 

MR. KEHOE:  Thank you, your Honor.  No objection.

THE COURT:  Okay.  Could you pass them back up.

Okay.  Mr. Dole, do you understand that if you fail to

return to my courtroom on the date fixed for sentence or any

adjourned date, you will be guilty of a criminal act for which

you could be sentenced to prison wholly separate from, apart

from, and in addition to, any other sentence that you might

receive for the crimes to which you just entered a plea of

guilty?

THE DEFENDANT:  Yes, I do.

THE COURT:  Do you also understand that I've now fixed

all of the conditions for your release and the violation of any

of those conditions can have serious consequences for you?

THE DEFENDANT:  Yes, I do.

THE COURT:  All right.  Then I will see all of you on

the date fixed for sentence or any adjourned date.

Mr. Fletcher is preparing the order now for bail.  I

think you have to go down to the magistrate clerk's office

to --

THE DEPUTY CLERK:  I'll bring them down.

THE COURT:  Okay.  Have a seat.

While I'm waiting, I'll return Court Exhibit 1 to the

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government.

MR. COWLEY:  Thank you, your Honor.

THE COURT:  Okay.  I've signed the bail order, and you

can talk to Mr. Fletcher about going downstairs to sign the

bond.  Okay.

MR. COWLEY:  Thank you, your Honor.

MR. KEHOE:  Thank you, Judge.

THE COURT:  Thank you, all.

o0o 

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