Saturday, 30 August 2014
Last updated 17 hours ago
Jan 25 2013 | 12:32pm ET
When he approved hedge fund fraudster Francisco Illarramendi's latest bid to delay his sentencing for ripping investors off to the tune of $540 million, U.S. District Judge Stefan Underhill warned that he'd approve further sentencing delays, but no further delays to Illarramendi's arrival in jail. Today, he's making good on that threat.
Underhill approved another delay in sentencing, which was to occur today. But he also ordered Illarramendi to surrender to the U.S. Marshals Service by 10 a.m. The detention order was made last week.
Illarramendi hired a new lawyer in November, who sought the delay. At the time, Underhill said he was "happy to give anybody as much time as they want to prepare for sentencing, provided it's not a vehicle to delay." He added that Illarramendi could "go into custody and spend as much time as you need."
That apparently doesn’t mean Illarramendi and his lawyers didn't try. Underhill denied a sealed motion made by Illarramendi's lawyers; it's unclear what was sought, but it may well have been more time on bail.
Illarramendi faces up to 70 years in prison. He pleaded guilty to defrauding investors in his Michael Kenwood Group and Highview Point Partners hedge funds, including the pension fund for Venezuela's state oil company.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...