Illarramendi Scheme Investors Net Deal To Duck Clawback Suits

Law360, New York (August 15, 2012, 7:03 PM EDT) -- Three investment firms that invested over $117 million in a feeder fund tied to Francisco Illarramendi's Ponzi scheme agreed Tuesday to drop their bid to join the government's suit over the fraud, in exchange for immunity from receiver clawback suits and payments from a $200 million settlement fund.

The settlement allows court-appointed trustee John Carney to more quickly expand his control over fund assets tied to Illarramendi, whose hedge funds Highview Point Partners LLC and Michael Kenwood Capital Management LLC are in receivership as part of...
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Case Information

Case Title

Securities & Exchange Commission v. Illarramendi et al


Case Number

3:11-cv-00078

Court

Connecticut

Nature of Suit

Securities/Commodities

Judge

Janet Bond Arterton

Date Filed

January 14, 2011

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