NEW YORK, January 29 (Sputnik) – A former hedge fund manager is due to be sentenced in Connecticut on Thursday after he pleaded guilty to running a massive fraud scheme that involved investments from Venezuela's state oil company, according to court data.
Francisco Illarramendi, the 45-year-old son of a former Venezuelan diplomat, was an adviser to the national oil firm Petroleos de Venezuela that allegedly paid millions of dollars bribes to Venezuelan government officials in return for them for steering the oil company's money to him for investment.
In March 2011, Illarramendi, who previously ran several funds in the city of Stamford, pleaded guilty to several counts of fraud and conspiracy to obstruct justice. He faces up to 12 years in jail for lying to investors and creditors, pocketing cash and covering up losses.
