BusinessWeek – The fallout from the biggest white-collar federal prosecution in Connecticut is being felt a continent away in Venezuela, where the government had invested hundreds of millions of dollars from a state oil workers’ pension fund with a now disgraced financier.
U.S. prosecutors say Venezuelan-American Francisco Illarramendi (EE’-yah-rah-mehn-dee) used unregistered hedge funds in Stamford, Conn., as cover for a massive Ponzi scheme with exclusively overseas clients.
