Money manager Vilar's conviction upheld, new sentence ordered
NEW YORK Aug 30 (Reuters) - The 2008 fraud conviction of money manager and arts patron Alberto Vilar was upheld by a federal appeals court on Friday, but the court ordered that he be resentenced.
Vilar had been appealing his conviction on all 12 counts he faced, including securities fraud, mail fraud, wire fraud and money laundering.
The government had contended that Vilar's now-defunct Amerindo Investment Advisers Inc invested in risky stocks against the wishes of clients, instead offering investors a sham product in guaranteed fixed-rate deposits.
In its decision on Friday, the 2nd U.S. Circuit Court of Appeals in New York said evidence demonstrated that Vilar and his business partner Gary Tanaka, whose related conviction it also upheld, engaged in fraud related to the domestic purchase or sale of securities.
Vilar was sentenced to nine years in prison and Tanaka to five years, and they were ordered to pay almost $35 million in restitution including interest, and to forfeit more than $54 million.
But the 2nd Circuit said some of their alleged conduct concerning extraterritorial transactions did not constitute securities fraud, and that restitution and forfeiture both needed to be recalculated.
The case is U.S. v. Vilar et al, 2nd U.S. Circuit Court of Appeals, Nos. 10-521, 10-580 and 10-4639.
- Housing, jobs data weaken, but overall economic picture still upbeat
- U.S. diplomats, but not prosecutors, seek to quell India dispute |
- Target cyber breach hits 40 million payment cards at holiday peak |
- New York Mayor-elect's reputation for lateness parodied on Twitter
- Last-minute Obamacare exemption for those with canceled plans