Sunday, 1 March 2015
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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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…