The trial of the investor and former philanthropist Alberto W. Vilar begins today, reports The New York Times.

Mr. Vilar, an arts patron who defaulted on some of his large pledges when technology stocks slumped in 2000, is charged with conspiracy to commit securities fraud and other criminal activities. He is accused of using $5-million of an investor’s money for his personal use, including donations to his alma mater, Washington and Jefferson College in Washington, Pa.

(Free registration is required to view this article.)