A judge declined to revoke bail Friday for a former
Connecticut hedge fund adviser awaiting sentencing for a major fraud scheme,
Boston.com informed us,.
Prosecutors had said Francisco Illarramendi failed to
disclose a tax refund despite an asset freeze. He pleaded guilty last year to
fraud and conspiracy to obstruct justice in a scheme to conceal huge losses.
Prosecutors say Illarramendi transferred money among
investment accounts without telling clients, falsified documents to deceive
investors and used money provided by new investors to pay out returns he
promised to earlier investors.
Authorities have said losses could run into the hundreds of
millions of dollars. The pension fund for Venezuela's state oil workers
accounted for most of the investment in the hedge funds…
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