Hedge Fund Manager agrees to Permanently ban

Former hedge fund manager Francisco Illarramendi might see another line of work when he agreed to a permanent ban from working in the security industry.

The Securities and Exchange Commission announced the agreement on Wednesday.

The ban stems from Illarramendis guilty plea in March to four counts of securities fraud and one count of conspiracy.

The SEC alleged that Illarramendi misappropriated $ 53 million in investor assets managed by his Connecticut hedge fund firm Michael Kenwood Capital Management (MK capital), including funds from retirement as Venezuelan State oil company PDVSA.

He was also the task of the unauthorized private equity-type investments with the embezzled money as sinking 23 million dollars to the NuScale power, a startup company nuclear power in Oregon, United States.

The US Government also seized as part of his case, 230 million dollars kept in an offshore account of his hedge fund, which is kept in an unnamed U.S. bank until the completion of his case.

Illarramendi, 42, faces 70 years in prison at his sentencing.

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