Tuesday, June 21, 2005

Vilar Finally Released on Bail

Alberto Vilar, the co-founder of Amerindo Investment Advisers, was released on bail after spending a month in the Manhattan MCC since his arrest on May 26 at the Newark airport on fraud charges.  Vilar is well-known for his philanthropic gifts to support the arts, although a grand jury indictment on June 9 charges him with securities, mail and wire fraud, plus money laundering, related to taking funds from a customer account and using some of the money to make good on various charitable pledges.  Bail was set at $10 million, which Vilar was unable to make until June 20, when he put up assets valued at $4 million, including art works at his apartment, to obtain a bond permitting his release.  Amerindo continues to suffer withdrawals by its large institutional investors, and its mutual fund, Amerindo Technology Fund, has lost almost 40% of its assets and fund management has been moved to a new firm.  Vilar is likely to retain more experienced counsel to prepare his defense now that he has been released from jail.  A Wall Street Journal story (here) discusses the case. (ph)


Fraud, Prosecutions | Permalink

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