Thursday, 25 December 2014
Last updated 1 day 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.
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.