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District Court for the District of Connecticut granted the Commission’s motion for summary judgment against Illarramendi in the SEC’s case, and entered final judgment against Illarramendi on May 24, 2017. In her ruling on the SEC’s motion for summary judgment, Judge Arterton found that “[o]n the basis of both Mr. Illarramendi’s admissions to th[e] Court as well as the preclusive effect of his guilty plea [in the criminal case],?there are no genuine issues of material fact remaining.” Judge Arterton found that Illarramendi as he testified under oath in the SEC’s case, and as he admitted under oath during his guilty plea in the criminal case “made materially false and misleading representations to investors in the hedge funds to conceal that he had lost money in certain investments,” “engaged in a scheme to defraud investors rather than disclosing the loss,” and “used money from new investors to pay out returns promised to old investors.” Accordingly, the court found Illarramendi liable for violating Sections 206(1) wholesale nfl jerseys, (2) and (4) of the Investment Advisers Act of 1940, and ordered Illarramendi to disgorge $25,844,834 in ill gotten gains from his fraudulent scheme, pay a $1 million civil penalty, and be subject to a permanent injunction against future violations of the Investment Advisers Act.