The U.S. Court of Appeals for the Second Circuit has affirmed imprisonment for a Venezuelan financier and former New Canaan resident who was sentenced in 2015 to 15 years behind bars for wire and securities fraud in what prosecutors called “the biggest Ponzi scheme in Connecticut history.”

In March 2011, appellant Francisco Illarramendi, 49, pleaded guilty to two counts of wire fraud, and one count each of securities fraud, investor fraud and conspiracy to obstruct justice after a Ponzi scheme defrauded investors of at least $382.2 million. He was sentenced on Jan. 2, 2015, by Judge Stefan Underhill to 156 months of imprisonment followed by three years of supervised release, plus payment of approximately $370 million in restitution.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]