Wednesday, 20 August 2014
Last updated 1 hour ago
Jun 28 2011 | 4:51pm ET
The Securities and Exchange Commission has secured nearly $230 million for the victims of Francisco Illarramendi's hedge fund fraud.
The regulator said today that it recovered the $229.4 million from an offshore fund held by Highview Point Partners, one of Illarramendi's two hedge funds. Illarramendi pleaded guilty to running a $540 million Ponzi scheme in March.
"We're pleased with the return of the money to the U.S. and believe it will help preserve these assets for the benefit of defrauded investors," David Bergers, head of the SEC's Boston office, said.
The assets were returned to the U.S. last week and will be held by the SEC until its lawsuit against Illarramendi is resolved.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note