Thursday, 21 August 2014
Last updated 4 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.
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