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Alberto W. Vilar, 67, was convicted by a jury today on 12 counts of investment related fraud. Vilar, a patron of the arts, particularly the opera, became wealthy during the 1990s stock boom. He reportedly gave away millions to various cultural institutions and opera houses. However, prosecutors claim he began to have financial troubles as the tech bubble burst, triggering the fraud. Vilar was 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. One such investor, Lily Cates, the mother of actress Phoebe Cates, testified that she lost $5 million as a result of Vilar's misappropriations. Vilar's business partner, Gary Tanaka, was previously found guilty of securities fraud and conspiracy.Wednesday, November 19, 2008
NY Arts Philanthropist Convicted Of Investment Fraud In Jury Trial
Alberto W. Vilar, 67, was convicted by a jury today on 12 counts of investment related fraud. Vilar, a patron of the arts, particularly the opera, became wealthy during the 1990s stock boom. He reportedly gave away millions to various cultural institutions and opera houses. However, prosecutors claim he began to have financial troubles as the tech bubble burst, triggering the fraud. Vilar was 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. One such investor, Lily Cates, the mother of actress Phoebe Cates, testified that she lost $5 million as a result of Vilar's misappropriations. Vilar's business partner, Gary Tanaka, was previously found guilty of securities fraud and conspiracy.
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