Ponzi Schemer Illarramendi Told To Surrender Tax Refund

Law360, New York (October 30, 2012, 2:01 PM EDT) -- A Connecticut federal judge on Thursday delayed until December the sentencing of admitted Ponzi schemer Francisco Illarramendi, who may have cost investors as much as $600 million, and ordered him to hand over his federal tax refund.

Authorities are trying to tally up the extent of the damage done by Illarramendi, who admitted in March 2011 to a five-year scheme that included bribes to a pension fund manager at Venezuela's state-owned Petroleos de Venezuela SA in exchange for the execution of bond swap transactions.

Illarramendi is...
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