Business Week – Francisco Illarramendi, the majority owner of a holding company through which he managed several hedge funds, pleaded guilty to fraud in the U.S. on March 7 after investigators from the Securities and Exchange Commission uncovered what prosecutors said was a Ponzi scheme with potential investor and creditor losses of hundreds of millions of dollars.
“We have decided to back the workers, we will take on the problem, guarantee income, the retirement packages and above all the pensions of the workers,” Ramirez said. Illarramendi “has no relation with PDVSA.”
