Law360, New York (June 17, 2011, 1:51 PM ET) -- A federal judge in Connecticut on Thursday froze the offshore funds managed by admitted fraudster Francisco Illarramendi, brushing aside protests from shareholders that claimed $118 million they invested will be wrongly meted out to Ponzi victims.
The judge granted the U.S. Securities and Exchange Commission’s bid to freeze $230 million held in Highview Point Partners LLC hedge funds, finding that the funds likely contain fraudulent proceeds of Illarramendi’s scheme and should not be distributed to investors.
In March, Illarramendi pled guilty to operating a Ponzi scheme...
Court Freezes $230M In Illarramendi Ponzi Scam
To view the full article, take a free trial now.
