Financier to Be Sentenced in Fraud Scheme

A financier who pleaded guilty several years ago to running a fraud scheme involving hundreds of millions of dollars is set to be sentenced this week in Connecticut.

The Venezuela-born Francisco Illarramendi ran unregistered hedge funds out of Stamford. He was accused of carrying out a scheme that exposed investors to losses of more than $300 million, including more than $100 million from Venezuela's state oil company.

He pleaded guilty in 2011 but the sentencing has been delayed several times. Sentencing is scheduled for Thursday in Bridgeport.

Illarramendi has asked for a sentence of no more than six months' home confinement. He has argued in a sentencing memo that he was pressured by corrupt Venezuelan officials to cover up investment losses.

Copyright AP - Associated Press
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