Stamford hedge fund manager pleads guilty to massive fraud scheme

CTPost – The wealthy owner of a group of Stamford-based hedge funds pleaded guilty Monday to five federal charges, and two of his co-defendants are under arrest in Florida for their role in a massive Bernard Madoff-like Ponzi scheme that may have cost investors hundreds of millions of dollars over the past five years.

Francisco Illarramendi, who owns and operates the Michael Kenwood Capital Management Group, pleaded guilty to charges of wire, securities and investment adviser fraud as well as a conspiracy charge during his appearance before U.S. District Judge Stefan R. Underhill. The charges carry a total maximum sentence of 70 years in prison, more than $5 million in fines, forfeiture of illegally obtained goods and restitution to victims.

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