A New Canaan fraudster could have cost $600 million in losses, with his victims including an oil worker pension fund in his native Venezuela, according to an Associated Press report citing documents in the case.
Francisco Illarramendi pleaded guilty last year to keeping his hedge fund afloat with Ponzi-like payments. He is under house arrest in New Canaan, with sentencing scheduled for Oct. 30.
According to the AP, Illarramendi said in a court filing that a court-appointed receiver indicated losses could total $600 million, although the government has told him that the losses only exceed $200 million.
