Fraudster Illarramendi To Be Sentenced

Aug 9 2012 | 8:53am ET

Hedge fund fraudster Francisco Illarramendi will learn at the end of October just how many of the up to seven decades in prison he faces he'll actually have to serve.

A Bridgeport, Conn., federal judge said Illarramendi would be sentenced on Oct. 30 for his $540 million fraud. The judge also ordered a bail hearing for tomorrow; Illarramendi has been free on bail but under house arrest since his March guilty plea.

Illarramendi admitted that he misappropriated investor capital at 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.

Illarramendi faces up to 70 years in prison.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of