User Rating: 5 / 5
FROM THE - CHRONICLES of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA~
~Contributed & Written by Kenneth Rijock ~
Published on 15 March 2016
The Second Circuit Court of Appeals has affirmed the thirteen year (156 month) sentence imposed upon the Venezuelan Ponzi schemer, Francisco Illarramendi, by the District Court in Connecticut. The appellant had sought to reduce the sentence handed down after he pled guilty to managing a hedge fund that became a $723m Ponzi scheme, after it sustained major losses. He claimed that the calculation of losses was incorrect and inaccurate.
Illarramendi disputed the amount of the loss sustained by the victims, which included the pension fund of PdVSA, the Venezuelan Government oil company. The Court, in a Summary Order recited:
(1) The District Court found that the losses sustained exceeded $200m, according to the SEC.
(2) The Court-appointed Receiver calculated the loss at $380m.
(3) The appellant himself stated that the losses exceeded $300m.
The Court found that the trial judge set the losses at an amount most favorable to the appellant, which justified the sentence pronounced.
The case was replete with attempts by the appellant to game the court system; he changed attorneys frequently, and sought additional time after each change of counsel; he frequently complained that the conditions of his incarceration did not permit him to assist his lawyers. His pre-trial release was eventually revoked for misconduct by the Court.
~Contributed & Written by Kenneth Rijock ~
Published on 15 March 2016
The Second Circuit Court of Appeals has affirmed the thirteen year (156 month) sentence imposed upon the Venezuelan Ponzi schemer, Francisco Illarramendi, by the District Court in Connecticut. The appellant had sought to reduce the sentence handed down after he pled guilty to managing a hedge fund that became a $723m Ponzi scheme, after it sustained major losses. He claimed that the calculation of losses was incorrect and inaccurate.
Illarramendi disputed the amount of the loss sustained by the victims, which included the pension fund of PdVSA, the Venezuelan Government oil company. The Court, in a Summary Order recited:
(1) The District Court found that the losses sustained exceeded $200m, according to the SEC.
(2) The Court-appointed Receiver calculated the loss at $380m.
(3) The appellant himself stated that the losses exceeded $300m.
The Court found that the trial judge set the losses at an amount most favorable to the appellant, which justified the sentence pronounced.
The case was replete with attempts by the appellant to game the court system; he changed attorneys frequently, and sought additional time after each change of counsel; he frequently complained that the conditions of his incarceration did not permit him to assist his lawyers. His pre-trial release was eventually revoked for misconduct by the Court.
He repeatedly sought an evidentiary hearing on losses. All his tactics delayed the proceedings for many years, but this latest decision ends his appeals as a matter of right, and provides a degree of finality to the case; Any additional actions he brings will be completely discretionary with the Court, and have little, if any, chance of success. His release date is in 2024.
______________________________________________________________
United States of America vs. Illarramendi, Case No: 15-526 (2nd Cir. 2016)
______________________________________________________________
United States of America vs. Illarramendi, Case No: 15-526 (2nd Cir. 2016)
______________________________________________________________________________________________________________________________
WANTED SA kindly thanks US Treasury, Kenneth Rijock, AFP, Reuters, BBC, Associated Press, DEA, FBI, ICE, Westlaw, Arutz Sheva, and all the Parties, Press, Journalists, Law Enforcement and Securities forces who have contributed to the many articles and their sincere opinions and statements.
WANTED SA states that the facts and opinions stated in this article are those of the author and not those of WANTED SA. We do not warrant the accuracy of any of the facts and opinions stated in this article nor do we endorse them or accept any form of responsibility for the articles.
