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Offshore Hedge Funds Roped Into SEC Amerindo Probe

Law360 (November 18, 2005, 12:00 AM EST) -- Two allegedly fraudulent offshore hedge funds have been added to an amended securities fraud lawsuit by the Securities and Exchange Commission against Amerindo Investment Advisors Inc. and its well-known, former billionaire philanthropist founders.

The SEC originally sued San Francisco-based Amerindo and its two founders, opera-supporter Alberto Vilar and university donator Gary Tanaka, in June. The pair was accused of swindling a single investor, a former friend of Tanaka, for $5 million in a phony venture, only to split the cash between various drying accounts.

The investigation...
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