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Hedge fund manager Francisco Illarramendi faces sentencing for fraud

Monday, January 26, 2015

Komfie Manalo, Opalesque Asia:

Convicted hedge fund manager Francisco Illarramendi faces sentencing this week after pleading guilty to running a Connecticut-based fraud scheme several years ago, said NECN.com.

The Venezuela-born financier pleaded guilty in 2011 to running unregistered hedge funds out of Stamford, Connecticut. His investors lost more than $300m from his fraudulent scheme. Venezuela’s state oil firm, one of his clients, lost more than $100m from Illarramendi’s unregistered hedge funds.

Illarramendi was scheduled for sentencing before but it was has been delayed several times. He is scheduled to be sentenced on Thursday in Bridgeport.

A court ruled last October that investors who lost money from his group of hedge funds run as a Ponzi scheme will receive most of their money back, according to CTPost.

John J. Carney, court-appointed receiver for the estate of Stamford-based Michael Kenwood Capital Management and related entities, announced that his motion seeking approval of a distribution plan had been approved. He was authorized to make an initial payment of about $264 million to claimants.

Illarramendi earlier argued in a request for leniency that he was used as a pawn by the Venezuela's governmen......................

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