HARTFORD, Conn. (AP) — Federal prosecutors say a Venezuelan financier who ran a massive investment fraud scheme in Connecticut deserves at least 12 years in prison.
Authorities say in their sentencing memo that the crimes of Francisco Illarramendi (ee-yah-rah-MEHN’-dee) caused losses of more than $300 million. The biggest client among his mostly foreign investors was Venezuela’s state oil company.
In the memo filed Monday, prosecutors say Illarramendi took $20 million of the money for himself, using some of it to build a $5 million home in New Canaan.
The 45-year-old Illarramendi pleaded guilty in 2011 to several counts of fraud and conspiracy to obstruct justice. Prosecutors say he lied repeatedly to investors and creditors to cover up losses.
Illarramendi has argued he should receive no more than six months of home confinement.