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U.S. court upholds money manager Vilar's 10-year prison term
Source: Reuters
World | Wed Mar 23, 2016 1:19pm EDT
U.S. court upholds money manager Vilar's 10-year prison term
NEW YORK | BY NATE RAYMOND
A U.S. appeals court on Wednesday ruled that a federal judge was justified in increasing the prison sentence of money manager and arts patron Alberto Vilar to 10 years in prison from nine for securities fraud.
But the 2nd U.S. Circuit Court of Appeals in New York vacated the $10 million in fines imposed on Vilar and Gary Tanaka, his business partner at the now-defunct Amerindo Investment Advisers Inc, who also was convicted of securities fraud.
Vilar, 75, was found guilty in 2008 of securities fraud and money laundering charges for engaging in a fraudulent investment scheme.
He was initially sentenced to five years in prison and Tanaka to five. A federal appeals court in 2013 ordered them resentenced in light of a U.S. Supreme Court ruling that affected how punishments should be calculated.
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U.S. court upholds money manager Vilar's 10-year prison term
NEW YORK | BY NATE RAYMOND
A U.S. appeals court on Wednesday ruled that a federal judge was justified in increasing the prison sentence of money manager and arts patron Alberto Vilar to 10 years in prison from nine for securities fraud.
But the 2nd U.S. Circuit Court of Appeals in New York vacated the $10 million in fines imposed on Vilar and Gary Tanaka, his business partner at the now-defunct Amerindo Investment Advisers Inc, who also was convicted of securities fraud.
Vilar, 75, was found guilty in 2008 of securities fraud and money laundering charges for engaging in a fraudulent investment scheme.
He was initially sentenced to five years in prison and Tanaka to five. A federal appeals court in 2013 ordered them resentenced in light of a U.S. Supreme Court ruling that affected how punishments should be calculated.
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Read more: http://www.reuters.com/article/us-usa-crime-vilar-idUSKCN0WP2BP