Thursday, 26 November 2015
Last updated 11 hours ago
Jul 1 2013 | 1:22am ET
Federal prosecutors are seeking a convicted hedge fund fraudster’s $2 million tax refund.
The lawyers moved to force Francisco Illarramendi and his wife to turn over the refund check, to be put in escrow pending his sentence. Illarramendi has been in prison since January, following his guilty plea to defrauding investors in his Michael Kenwood Group and Highview Point Partners hedge funds of $540 million.
Illarramendi faces up to 70 years in prison, as well as an “enormous mandatory restitution” and fines, at his September sentencing, prosecutors said. Illarramendi’s assets have been frozen.
Illarremendi’s lawyer is not objecting to the government’s push to take the check, but his wife’s lawyer plans to argue that some of the money should pay her living expenses.
It is the second time prosecutors have gone after Illarramendi over a tax refund; they rapped him last year over a $600,000 payment from the state that he allegedly failed to disclose, and allegedly used to pay off a lien on a luxury car and his lawyers.
“It would be prudent for the court to ensure there is not a repeat of Mr. Illarramendi’s misuse of funds,” the prosecutors wrote.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…