Expert Report — Charles R. Soha, CFE (StoneTurn Group)
Independent expert report by Charles R. Soha, Certified Fraud Examiner and Managing Director at StoneTurn Group, LLP, filed in Case No. 1:22-cv-02465 (N.D. Illinois). The report analyzes the financial records of Rose City Fund and its related entities, finding no misappropriation of funds and confirming legitimate DeFi investment operations.
Document Details
NORTHERN DISTRICT OF ILLINOIS
COMMODITY FUTURES TRADING
COMMISSION
Plaintiff
v.
JAFIA LLC, SAM IKKURTY A/K/A
SREENIVAS I RAO, AND
RAVISHANKAR AVADHANAM,
Defendants,
IKKURTY CAPITAL, LLC D/B/A ROSE
CITY INCOME FUND I, ROSE CITY
INCOME FUND II LP, SENECA
VENTURES, LLC,
Relief Defendants.
Case No. 1:22-cv-02465
Expert Report
of Charles R. Soha, CFE
Respectfully submitted this 25th day of July 2023
/s/_______________________________________________________________
Key Points
No misappropriation of investor funds found across all fund entities
Fund II investors received returns as high as 339.55% in one year
Fund I achieved a mean CAGR of 303% for exiting partners
Returns are mathematically impossible in a Ponzi scheme (withdrawals must exceed inflows without real returns)
Confirms $19M in legitimate DeFi transactions on the Ethereum blockchain
Expert credentials: CFE since 2008, 16 years experience, former VP at State Street Bank, former Deloitte specialist
Directly contradicts CFTC's allegation that 'the funds never generated any returns'