Saturday, February 6, 2010

Arts Patron Sentenced For Bilking Investors Out Of $22 Million

Alberto W. Vilar, 69, of New York and San Francisco, was sentenced to 9 years in prison for defrauding some 1,400 investors out of about $22 million. Vilar was originally arrested in May 2005 on charges that included conspiracy to commit securities fraud, mail fraud, wire fraud and investment fraud. The allegations stem from charges that he misappropriated millions in investment funds entrusted to his firm, Amerindo Investment Advisors Inc. In November 2008, Vilar was convicted on 12 felony counts. Vilar was also ordered to pay $21.9 million in restitution. He was known for large gifts to the arts. A co-defendant, Gary Alan Tanaka, 66, was sentenced to five years in prison for his lesser role in the scheme.

Read FraudTalk's earlier posts on this story here and here.

Read the story here and here.

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