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Connecticut Hedge Fund Manager Charged by the SEC in $53 Million Fraud

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posted on Jan, 31 2011 @ 11:57 AM
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Connecticut Hedge Fund Manager Charged by the SEC in $53 Million Fraud


www.hedgeco.net

The SEC has obtained a court order freezing the assets of a Stamford, Conn.-based investment adviser and its principal, Francisco Illarramendi, charging that they misappropriated at least $53 million in investor funds and used the money for self-dealing transactions, according to an SEC complaint.

“Illarramendi treated his clients’ money like it was his own, diverting millions of dollars that did not belong to him,” said David P. Bergers, Director of the SEC’s Boston Regional Office. “He abused his position of trust with his clients and breached his responsibilities as an investm
(visit the link for the full news article)




posted on Jan, 31 2011 @ 11:57 AM
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Well it looks like the SEC is starting to do the people's business and clamping down on those shifty characters in the financial industry..

It's still disheartening to know that the BIG money indiscretions get swept under the rug with fines and no admission of guilt on the firm's part..

Let's hope that one day the TBTF firms will be handled in the same manner as this hedge fund.

www.hedgeco.net
(visit the link for the full news article)



posted on Jan, 31 2011 @ 12:10 PM
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I live in stamford! its about time big business is taken care of properly* Im a lifelong resident of stamford CT 36 years almost* Downtown is being re developed, and theyve made our mall look like playland
its overpriced and high end now. Until about 1999, thier was a store with something for everyone...bradlees, caldors, affordable coths with cool employees and better stocked prodcuts and slections. Now that thier gone..we have to go to next city to walmart...where thiers 2 registers open if your lucky and only a few name brands to choose from. Woolworths was THE PLACE!!!! everyone loved it thier!
The swiss bank moved in around 1999, then r develoment took place. shady neighborhoods, the people were bribed by the swiss bank, some places i like to belive on fact, were arsoned..swiss bank doings, get emt o move by force or threat, take it over and re develop, trump plaza, others came in...and as weve all learned, under Bush's idealism of capitalism it was to bring in criminal banks and businesses, outsource, and only allow rich peolpe in..middle class being forced outta thier own city. its about time, the truth of financial firms being made public,.the schemes and games they play, to make everyone undesirable around them to leave, so they can take it over. its not honest business. its a form of genocide..minus the digging of holes and machine gunning.
This city was so cool in the 80's and 90's..my grandmother, born around 1910, used to tell me stamford was always known of NYC nightcap. business people form NYC at that time even favored stamford, as it was acceable to NYC a place they could huddle, talk, and develop. To this day its the same, only was have cars, not trains or ferrys lol. Nowadays, these big bankes nad business firms come in, cause all this rucuss and scandals...its very decieiving, for a business to roll in, move everyone out only to do illegal things. god i hope this city burns and fails misreably..all the softened up rich and upper class people wont know what to do



posted on Jan, 31 2011 @ 12:25 PM
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MY point is..this city is in the process of allowing corrupt cops to keep thier jobs..a cop over the summer pulled a woman over and showed her on his cell phone is 'thingy' in his pants. in court, he found a loophole, taking rehabilitation for like6 months. he was supposed to be fired. Thiers been a few other cops up too no good. The mayor, Malloy, runing for senator, has done nothing for this city, outisde of buinsess redeveloping...raised taxes. Give you an idea how corrupt things are, well hidenly corrupt. in 1990...the recycling program started. around 1999, 2000 a sewer tax was imposed on homeowners, factored into property taxes. its a scam! My roomate leaving, knows guys who work at he recycling plant. We had seperate trucks that picked up recycables, garbage trucks to pick up garbage. Today and for the past decade, what they do, is consolidate the trash and recycables into one truck and all dumped at one place, for seperating. HE was telling me you really think its ALL seperated? he had a home here years ago owed like $16,000 on unpayed taxes. Had to go too court for it. IN court, the judge asked him why he didnt pay hs taxes. His answer....your honor, i see where all the garbage and recycbales go. I dont feel i need to pay the sewer tax. the judge cleared the room, talked to him in his chambers, and only made him pay like $500 of the tax..the rest was wiped off.
the city, found a way to screw homeowners out of more money. see where im going with this? you really think all recycables are being recycled? nope. cops here used to give you a chance at leat when pulled over, in the 90's when i was in my teens. nwoadys, they do crooked things, and will taser you for just standing yuor ground it seems. its all how they make things lok..nice, clean sincere, honest. but in reality, its all shady backstabbing fighting and stealing..its in process of ruining this city in a greedy way. Malloy is part of it. my sister like 7 or 8 years ago, went to a beach (cummings beach) one day...a woman parked in a handicap parking spot. She made a comment to the woman, she couldnt park thier, its for handicapps only. the women had NO handicapp sticker on her car. the woman says back too my sister....excuse me, do you know who i am? IM malloys wife..all snotty like.
well! thats what running this city, well was we have Himes now i belive. god i hope it all fails. I really hope riotiing casuss our local playland mall too collapse to gorund level. its disgusting thiir, arrogence.



posted on Jan, 31 2011 @ 12:26 PM
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reply to post by JacKatMtn
 


Great to see the SEC finally investigating these Ponzi Schemes.
Its about time.

I am following the trustee on the Madoff story.
There is still money out there everywhere.



posted on Jan, 31 2011 @ 12:31 PM
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yeah and god bless the SEC for doing thier job professionaly this time around. god bless them
The sooner they find as many crooked corporate buisnesses here,t he bettter the city wil be, and the arrogent and lifeless nonsmiling people that come in from NYC ( business people) will dry up n fade away
who knows! might allow people to start their own buinsesses, unlike places like CVS and walmart that have made it so you cant...thiers opportunitys for everyone here! but as long as corporate places come in, killing off competition so no one else cna make money, start thier own business...that opportunity will only get more arrogent, lifeless and greedy. Ide love too see it come down one day soon..rioting so bad..the trump plaza downtown will have irrelperable damage done too it
he he he

sorry, but thats kinda a thing on my wish list*



posted on Jan, 31 2011 @ 12:33 PM
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Its an eye opener, too and for me, for everyone else reading the news, listening too t, too see how really fake everything around them here is* Fake is the best word now to describe this city. Thier used to be a sign posted here, stamford, the city that works. I used to make fun of it, more like the city that lays you off* they shuold just just post..stamford, the city thats arrogent flakey and fake



posted on Jan, 31 2011 @ 12:48 PM
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Our local Katrina recycling center, to me is a sham! nothing is really recycled. I talked with a worke thier like 5 or 6 years ago...yard waste is sent to ohio to a landfill, they use it ground up to help coat garbage. Oil, is bunred on site..ive seen it. They have this enormous red tank, when full, burns the engine oil. you can see the thick black line hose going form where the oil is poured. Theuy jsut simply burn it, its not cleaned up and reused, or bunred for energy to lets say make electricity or cheap gas or something. its simply burn wasted. household garbage, goes to an incinerator to electricity faculity in brideport CT. they take flourescent bulbs, for the past 4 years or so. scrap metal, is sold and melted to make things obviously, the most economic of things done thier. The name is very misleading..recycling center* almsot everying is burned or used in landfill.



posted on Feb, 1 2011 @ 03:25 AM
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however,, this is small potatoes compared to what the big wall st firms have done,,
probably a cover to look like they actually did something

good,,, but i'm not impressed,,, and certainly won't hold my breath

diversion



posted on Feb, 1 2011 @ 04:28 AM
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They're just taking down the small fish to pacify the people. There are people who have done much worse with more zero's behind it but they're forever protected.



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