New York (HedgeCo.net) – The Securities and Exchange Commission charged Highview Point Partners, LLC., a Connecticut-based hedge fund manager, with engaging in a multi-year Ponzi scheme involving hundreds of millions of dollars.
The SEC also named three hedge funds managed by Highview as relief defendants as they are allegedly in possession of funds tainted by the Ponzi scheme. The Connecticut Judge responded by temporarily freezing the assets of Highview and the three hedge funds. A hearing on the SEC’s motion for a preliminary injunction is set for May 23, 2011.
The SEC complaint alleges that Highview Point Partners, acting through Francisco Illarramendi, the former hedge fund manager of MK Capital Management, misappropriated money from the three hedge funds it advised, Highview Point Master Fund, Ltd., Highview Point Offshore, Ltd., and Highview Point LP.
Other groups the SEC alleges were also involved in the Ponzi scheme include, Michael Kenwood Asset Management LLC, Michael Kenwood Energy and Infrastructure LLC, and MKEI Solar LP. It is seeking permanent injunctions, disgorgement and penalties.
Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership in HedgeCo.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
