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Crime & Courts

Prosecutors object to Venezuelan financier's request to be released as he awaits sentencing

Federal prosecutors are objecting to a request by a Venezuelan financier to be released from custody while he awaits sentencing in July in a Connecticut-based fraud scheme, saying he's a flight risk.

An attorney for the financier, Francisco Illarramendi (ee-yah-rah-MEHN'-dee), says his client needs access to and time to review documents to challenge the amount of money said to be lost. The lawyer, Stephan Seeger, says conditions can be set to ensure his return to court.

Prosecutors say Illarramendi has extensive international ties and could face life in prison. They say Illarramendi has estimated the loss could exceed $300 million, but his attorney says there may have been no losses.

Illarramendi, who ran unregistered hedge funds out of Stamford, pleaded guilty in 2011 to several counts of fraud and conspiracy to obstruct justice.

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