Friday, 24 October 2014
Last updated 3 hours ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...