Lawyer unraveling fraud scheme gets 3 more months

AP News
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Posted: Apr 26, 2011 12:55 PM
Lawyer unraveling fraud scheme gets 3 more months

A federal judge in Connecticut has granted an extension request for an attorney working to secure money for victims of a massive pyramid scheme.

The decision extends the deadline by three months to Sept. 30 for the receiver assigned to unravel the fraud by Venezuelan-American financier Francisco Illarramendi.

Illarramendi pleaded guilty in March to several counts of fraud related to his handling of unregistered hedge funds in Stamford, Conn. The money invested with him included hundreds of millions of dollars belonging to a pension fund for Venezuelan state oil workers.

The receiver, John Carney, said he needed more time because of gaps in the paper trail and the mountains of data he must sift through.

The decision by U.S. District Judge Janet Bond Arterton was filed Thursday and released Monday.