Monday, 6 July 2015
Last updated 15 min 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…