SEC v. Francisco Illarramendi, Highview Point Partners, LLC and others (ponzi schemes, 2017)

Judgment entered

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In May 2017 the SEC announced a Connecticut federal court summary judgment against Francisco Illarramendi and his advisers Highview Point Partners and Michael Kenwood Capital Management for a multi-year Ponzi scheme, ordering him to disgorge $25,844,834 and pay a $1 million penalty.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The court relied on Illarramendi's sworn admissions and his criminal guilty plea in finding he made materially false statements, and found him liable under Sections 206(1), (2) and (4) of the Advisers Act. The Highview Point and Michael Kenwood funds and related companies were named as relief defendants.

The record had spliced the defendants and relief defendants into one list, including fragments such as "as Defendants,"; the three defendants are as given.

This library tags the matter as ponzi schemes because the SEC or the court describes new investors' money being used to pay earlier investors. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

Money note: the dollar amounts in this record's text describe the May 2017 final judgment against Illarramendi; to avoid counting the same amounts twice, the money fields are left empty here and the figures are held on the record for the same case under release LR-23185 (sec-francisco-illarramendi-et-al-ponzi-schemes-2015).

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Ponzi schemes — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2017-05-24 Litigation release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Same matter

The library links these 3 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.