Friday, 25 July 2014
Last updated 13 min ago
May 5 2011 | 11:17am ET
One of the two alleged co-conspirators of hedge fund fraudster Francisco Illarramendi has pleaded guilty in the case.
Juan Carlos Guillen Zerpa, a Venezuelan accountant, admitted to falsifying documents to help Illarramendi cover up the Ponzi scheme he ran at his $540 million MK Capital Management. According to prosecutors, Zerpa and Juan Carlos Horna Napolitano, who has not pleaded guilty, produced a bogus letter from an accountant in Venezuela verifying $275 million in imaginary assets.
Illarramendi allegedly paid the two men more than $3 million for the letter. Illarramendi pleaded guilty in March.
Guillen faces up to 20 years in prison; prosecutors agreed not to pursue further charges as part of a plea agreement. He was released until his sentencing and will live under house arrest in Miami until then.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…