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November 20, 2008

Music Philanthropist Guilty of Fraud

Alberto W. Vilar, the investor and philanthropist who has given an estimated $100-million to charity — yet also reneged on pledges to arts groups nationwide — was found guilty in a New York federal court November 19 on 12 counts of defrauding clients, according to The New York Times. The jury also convicted his partner in Amerindo Investment Advisors, Gary A. Tanaka, on three counts of fraud.

The most serious of the charges carry prison sentences of up to 20 years; no sentencing date has been set, and the defendants remain free on bail. Mr. Vilar’s lawyer told the Times he will appeal the convictions.

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