Corporate & Securities Law

Francisco Illarramendi has recently pled guilty to his role running a Ponzi scheme that may have defrauded investors out of hundreds of millions of dollars, according to prosecuters. As a result, the attorneys at Eccleston Law have expanded their investigation of this fraud and are actively seeking victims to come forward with information.

In early 2011, the SEC obtained a court order freezing the assets of Stamford, Connecticut based investment adviser Michael Kenwood Capital Management, LLC and its principal, Francisco Illarramendi for allegedly misappropriating at least $53 million in investor funds and engaging in self dealing transactions. 

Illarramendi, through his investment adviser, allegedly managed several hedge funds, including a fund that contained $540 million in assets. It is believed that Illarramendi allegedly defrauded investors in several hedge funds that he managed by improperly transferring investor money to bank accounts that he personally controlled, without the knowledge or consent of the investors.  He then allegedly invested this money for his own benefit, rather than the benefit of the investors.  Specifically, the SEC believes that Illarramendi invested investor money in certain private-equity investments, including a nuclear energy company and an early-stage clean tech manufacturing company. 

If you are an investor who has lost money investing with Michael Kenwood Capital Management or Francisco Illarramendi, your losses may be recoverable through securities arbitration.

Eccleston Law represents individual and institutional investors to recover their investment losses caused by securities and investment fraud. Our attorneys also help victims of Ponzi schemes pursue recovery by submitting claims with receiverships established by the SEC or by assisting victims with the filing of a Theft Loss Tax Deduction with the IRS.

If you have lost money investing with Francisco Illarramendi or Michael Kenwood Capital Management, or if you have information about this fraud, please contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000.