AP – A Connecticut hedge fund adviser carried out a $500 million fraud scheme with help from people in Venezuela, including a manager at the state-owned oil company, according to lawsuits seeking the return of tens of millions of dollars in what they say are bribes and kickbacks.
The payments were uncovered by a receiver’s investigation into the dealings of Venezuelan-American financier Francisco Illarramendi, whose biggest investment client was a pension fund for state oil workers in the South American country.
