HARTFORD, Conn. (AP) — The father of a Venezuelan-American financier accused of running a massive pyramid investment scheme is proposing to buy one of the companies that was hit hardest by the fraud.
Ramon Illarramendi (EE’-yah-rah-mehn-dee) says in a court filing he wants time to present an offer for investors to buy Corvallis, Ore.-based NuScale Power Inc. out of receivership.
His son, Francisco Illarramendi of New Canaan, Conn., pleaded guilty in March to fraud and faces up to 70 years in prison. His actions allegedly exposed investors to potential losses of hundreds of millions of dollars.
As part of the enforcement action, the Securities and Exchange Commission froze money Illarramendi’s companies had pledged to invest with NuScale.
Ramon Illarramendi said in the filing Wednesday he provided energy expertise to his son’s company but was not involved in its finances.
