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SEC recovers millions in hedge fund Ponzi case

WASHINGTON (Reuters) -U.S. securities regulators said they have recovered $229.4 million from an offshore fund held by a Connecticut-based hedge fund whose manager pleaded guilty this year to running a Ponzi scheme.

The Securities and Exchange Commission said in a court filing Tuesday that it received the funds controlled by Francisco Illarramendi and his firm Highview Point Partners LLC, which managed three hedge funds.

Illarramendi pleaded guilty in March in a parallel criminal case for his role in running a Ponzi scheme that may have defrauded investors out of hundreds of millions of dollars. He has yet to be sentenced.

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