AP News

Venezuelan pensioners facing losses in Conn. fraud


HARTFORD, Conn. (AP) — Some of the Venezuelan pensioners affected by a $500 million Connecticut-based fraud scheme are saying they haven't been able to get back their money.

The biggest investment client of Venezuelan-American financier Francisco Illarramendi was a pension fund for state oil workers in the South American country.

Federal prosecutors in Connecticut say they received a statement in October from a number of people who say they have not been compensated for their losses by their former employer or the Venezuelan government.

Venezuela's government has said it was trying to recover what it can from the Petroleos de Venezuela retirement fund.

Illarramendi ran unregistered hedge funds out of Stamford, Conn. He is to be sentenced in January after pleading guilty last year to fraud in a scheme to conceal huge losses.


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