In May 2018, the SEC commenced a civil enforcement action against Premium Point Investments L.P. (Premium Point) and certain principals and traders. The SEC claimed that the defendants, with the assistance of a friendly broker-dealer representative, fraudulently inflated the values of thinly traded mortgage securities held by two hedge funds advised by Premium Point. The DOJ pursued parallel criminal charges against the individual defendants, all of whom eventually pled guilty. The SEC recently obtained injunctions and industry bars against three of the civil defendants. This article discusses the latest developments in the matter. See “SEC, CFTC and DOJ Take Action Against Alleged $1‑Billion Valuation Fraud” (Mar. 17, 2022).