Monday, 30 November 2015
Last updated 3 hours ago
Aug 4 2011 | 12:56pm ET
Admitted hedge fund fraudster Francisco Illarramendi has accepted a lifetime ban from the securities industry, the Securities and Exchange Commission said.
Facing up to 70 years in prison, Illarramendi, who pleaded guilty in March to running a $540 million Ponzi scheme, may figure he won't be needing the work, anyway: The SEC said it accepted his offer of a lifetime ban.
Illarramendi pleaded guilty to charges that he misappropriated more than $50 million invested in his Michael Kenwood Group and Highview Point Partners. He admitted that he engaged a pair of Venezuelans to provide a bogus letter from an accountant in that country verifying the existence of $275 million in imaginary assets.
Among the victims of Illarramendi's fraud was the pension fund for employees of Venezuela's state-owned oil company.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…