Gary A. Tanaka
Former Arts Patron Alberto Vilar Convicted On 12 Counts of Fraud
Flickr/MacRonin47.
The Metropolitan Opera, left out in the cold by Alberto Vilar.
In a story encompassing the increasingly dreary art, society, and financial worlds, The New York Times reports that Alberto W. Vilar has been convicted of 12 counts of securities fraud. Mr. Vilar, a 67-year-old Cuban immigrant, was charged along with his Amerindo Investment Advisors Inc. partner, Gary A. Tanaka, who was only convicted on three of the counts. The two men were in trouble for putting clients' money in unstable technology stocks, as opposed to the more reliable investments they'd claimed to be making. After a series of bad decisions and a market plunge in 2000, the pair switched to fraud, depositing millions of client money into their personal accounts. read more »
