NEW YORK, NY -The U.S. District Court for the Southern District of New York on June 18, dismissed all charges of fraud, complicity and negligence laid against George Palathinkal by the Securities and Exchange Commission in May 2014. The case was filed by the SEC against Aphelion Fund Management and its two top executives Vineet Kalucha and Palathinkal alleging that Kalucha had altered the report of an outside...
audit firm and misused funds for personal expenses, and that Palathinkal knew about that. Now the SEC has withdrawn all charges against Palathinkal. The June 18 ruling of the court stipulates, “Pursuant to Federal Rule of Civil Procedure 41 (a) (1) (A) (ii), Plaintiff U.S. Securities and Exchange Commission (“SEC”) and Defendant George Palathinkal jointly stipulate that all claims that were asserted by SEC against Defendant George Palathinkal in this action be dismissed with prejudice and without costs, and waiving all rights of appeal.”
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