Saturday, 20 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.