Venezuelan hedge fund manager to be sentenced in huge fraud

Nearly four years after he confessed to running a massive fraud scheme, a former hedge fund manager is expected to be sentenced in a Connecticut case that had its biggest fallout in Venezuela, where the state oil company had hundreds of millions of dollars invested with the disgraced financier. As the director of several funds in Stamford, prosecutors say Illarramendi lied repeatedly to investors and creditors as he tried to cover up investment losses exceeding half a billion dollars, taking $20 million for himself including $5 million to build a lavish home in New Canaan.

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