An Oct. 30 sentencing date has been set for a former Connecticut hedge fund adviser who pleaded guilty in connection with an alleged pyramid scheme involving hundreds of millions of dollars from a pension fund for Venezuela's state oil workers.
Francisco Illarramendi, (ee'-yah-rah-MEHN'-dee), a Venezuelan-American who ran unregistered hedge funds out of offices in Stamford, pleaded guilty last year to several counts of fraud and conspiracy to obstruct justice in a scheme to conceal huge losses.
The pension fund for Petroleos de Venezuela accounted for roughly 90% of the investment in the unregistered hedge funds.
On Tuesday in U.S. District Court, a judge also scheduled a Friday bail hearing for Illarramendi, who has been under house arrest in New Canaan.
He could face up to 70 years in prison.
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