Sunday, 28 December 2014
Last updated 1 hour ago
Dec 1 2011 | 10:23am ET
Victims of Francisco Illarramendi's Ponzi scheme could get back more than half of their money, the court-appointed receiver in the case estimates.
John Carney wrote in a court filing this week that he expects recoveries from Illarramendi's Michael Kenwood Group and Highview Point Partners hedge funds to total between $310 million and $350 million. Investors in the scam lost about $540 million, most of it invested by the pension fund of Venezuela's state-owned oil company. Carney warned that the estimates are preliminary.
Among the assets eyed by Carney are private equity, securities and cash.
Carney also asked for more money for his own firm, $2.8 million, up from the $1.6 million he sought in May. His forensic accounting firm also asked for a $2 million raise, citing nearly 10,000 hours sorting through Illarramendi's mess between April and June. For his part, Carney said he's interviewed 22 witnesses, made over 250 document requests and sifted through some 2.3 million documents.
Illarramendi pleaded guilty in March and awaits sentencing. He faces up to 70 years in prison.
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.