Financier in Conn. fraud enters US custody

Venezuelan financier enters federal custody ahead of sentencing in Conn. fraud scheme

Associated Press

BRIDGEPORT, Conn. (AP) -- A Venezuelan financier has surrendered to U.S. marshals in Connecticut to be detained as he awaits sentencing in a massive fraud scheme.

A spokesman for the U.S. attorney in Connecticut said Friday that Francisco Illarramendi turned himself in as ordered by a federal judge.

Illarramendi had been under house arrest in New Canaan since pleading guilty in 2011.

The sentencing has been postponed several times as Illarramendi has changed attorneys, and Judge Stefan Underhill ordered his detention last week.

Illarramendi ran unregistered hedge funds out of offices in Stamford. He has pleaded guilty to several counts of fraud and conspiracy to obstruct justice.

Illarramendi's biggest client was a pension fund for state oil workers in Venezuela.

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