Thursday, 30 October 2014
Last updated 10 min 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.
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…
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