12-year sentence sought in massive Connecticut fraud scheme

HARTFORD, Conn. (AP) — Federal prosecutors are seeking a sentence of no less than 12 years in prison for a Venezuelan financier who ran a massive investment fraud scheme in Connecticut.

Authorities say in their sentencing memo that the crimes of Francisco Illarramendi (ee’-yah-rah-MEHN’-dee) caused losses of more than $300 million. The biggest client among his mostly foreign investors was Venezuela’s state oil company.

In the memo filed Monday, prosecutors say Illarramendi took $20 million of the money for himself, using some of it to build a $5 million home in New Canaan.

The 45-year-old Illarramendi pleaded guilty in 2011 several counts of fraud and conspiracy to obstruct justice. Prosecutors say he lied repeatedly to investors and creditors to cover up losses.

Illarramendi has argued he should receive no more than six months of home confinement.
Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

WTNH NEWS8 provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review. Also, you can now block any inappropriate user by simple selecting the drop down menu on the right of any comment and selection "Block User" from there.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s