Tuesday, 1 December 2015
Last updated 13 hours ago
Jan 31 2012 | 12:57pm ET
A Venezuelan living in Florida has been sentenced to 14 months in prison for his role in a hedge fund fraud that cost that country's state-owned oil company's pension fund hundreds of millions of dollars.
Juan Carlos Horna Napolitano pleaded guilty last year to conspiracy to obstruct a Securities and Exchange Commission investigation. According to prosecutors, Horna and another man, accountant Juan Carlos Guillen Zerpa, created a bogus letter verifying $275 million in imaginary assets at a hedge fund run by Francisco Illarramendi. Illarramendi admitted to paying the men more than $3 million for the letter.
Guillen was also sentenced to 14 months in prison. Illarramendi, who pleaded guilty to running a Ponzi scheme at his Michael Kenwood Group and Highview Point Partners hedge funds, has not yet been sentenced, but faces up to 70 years in prison when he is.
In addition to the jail time, Horna was ordered to forfeit $935,000.
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…