SEC Recovers $230M From Hedge Fund Ponzi Scheme

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.


In Depth

Steinbrugge: Will Hedge Funds Help or Hurt During the Next Market Correction?

Sep 7 2016 | 11:55pm ET

Most investors have become accustomed to quick rebounds when markets correct, but...

Lifestyle

Quattrex Sports AG Debuts Soccer-Focused UCITS Fund

Sep 9 2016 | 9:54pm ET

Innovative alternative investment company Quattrex Sports has unveiled a new UCITS...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...