Lawyer unraveling Ponzi scheme seeks extension
Headline News
The attorney assigned to unravel a Connecticut-based investment pyramid scheme says it will take longer than expected to account for the money, including hundreds of millions of dollars invested on behalf of a pension fund for Venezuelan state oil workers.
The court-appointed receiver, John Carney, is investigating the financial dealings of Francisco Illarramendi, a Venezuelan-American accused of taking money from hedge funds he operated in Stamford, Conn., for personal use. U.S. prosecutors in Connecticut have called it the state's biggest white-collar federal prosecution.
Carney on Monday asked for a three-month deadline extension to Sept. 30, saying the task has been complicated by gaps in the paper trail and other challenges.
"The magnitude and fraudulent nature of the transactions, the lack of meaningful documentation, the involvement of foreign entities, and the sheer quantity of data all necessitate additional time," Carney, of the New York law firm Baker & Hostetler, wrote in the court filing.
The office of the U.S. district judge handling the case, Janet Bond Arterton, said the request was pending Tuesday.
Illarramendi, 42, of New Canaan, pleaded guilty on March 7 to criminal charges including several counts of fraud and conspiracy to obstruct justice. He faces up to 70 years in prison at a sentencing hearing that remains to be scheduled.
Related listings
-
Treasury risks overpaying law firms
Headline News 04/18/2011The Treasury Department paid out more than $27 million to law firms overseeing the financial bailouts without requiring detailed bills or questioning the incomplete records that the lawyers provided, a government watchdog says. Treasury's "current co...
-
Wis. public court record access may be threatened
Headline News 04/10/2011Wisconsin court officials fear the court's data management system, including a popular site that allows anyone to easily look up the criminal records of friends and neighbors, could be on shaky ground if the governor's proposed budget breaks up its f...
-
2 companies fined for violation of Mississippi no-call law
Headline News 04/06/2011Another crackdown Tuesday on violators of Mississippi's No Call Law. State regulators say they've fined Full Speed Funding, LLC of Phoenix and Gateway Destinations Incorporated of Pompano Beach, Florida $15,000 each.Public Service Commission member B...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.