Financier to be sentenced in May in Conn. fraud
BRIDGEPORT, Conn. (AP) — A Venezuelan financier who ran a fraud scheme in Connecticut involving hundreds of millions of dollars has a sentencing date.
Francisco Illarramendi (ee-yah-rah-MEHN'-dee) pleaded guilty in 2011 to several counts of fraud and conspiracy to obstruct justice in a scheme to conceal huge losses.
Illarramendi had been under house arrest in New Canaan since entering the guilty plea, but a judge ordered him detention last week. The sentencing had been postponed several times as Illarramendi changed attorneys.
A judge has set sentencing for May 29 in federal court in Bridgeport.
Illarramendi ran unregistered hedge funds out of offices in Stamford. His biggest client was a pension fund for state oil workers in Venezuela.