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Boss Of Largest Ponzi Scheme In Conn. History Gets 13 Years

Law360, New York (January 30, 2015, 7:42 PM EST) -- Former hedge fund manager Francisco Illarramendi was handed a 13-year prison sentence Thursday after pleading guilty to charges that he orchestrated a $723 million Ponzi scheme, the largest in Connecticut history, according to prosecutors.

U.S. District Judge Stefan Underhill imposed the sentence on Illarramendi, 45, who pled guilty in March 2011 to five felonies: two counts of wire fraud, one count of securities fraud, one count of investment adviser fraud, and one count of conspiracy to obstruct justice.

The charges stemmed from a five-year scheme that included...
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