CTpost – With a sentencing date in hand, a federal prosecutor is pressing forward with a bond revocation hearing for Francisco Illarramendi, the wealthy owner of a group of Stamford-based hedge fund involved in a Bernard Madoff-like Ponzi scheme that may have cost investors hundreds of millions of dollars.
U.S. District Judge Stefan R. Underhill set Oct. 29 for sentencing Illarramendi, 43, of New Canaan, who owned the Michael Kenwood Capital Management Group in Stamford. Illarramendi pleaded guilty March 7, 2011, to wire, securities and investment adviser fraud as well as a conspiracy charge. Those charges carry up to 70 years in prison and more than $5 million in fines.
