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.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.