Friday, 26 December 2014
Last updated 2 days 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.
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.