SEC Wins Final Fraud Claim Against Amerindo Co-Founders

By Stephanie Russell-Kraft (February 3, 2014, 6:39 PM EST) -- A New York federal court on Friday granted the U.S. Securities and Exchange Commission summary judgment on its remaining fraud claims against the co-founders of Amerindo Investment Advisors Inc. after taking into account a Second Circuit ruling in a separate criminal case against the two men.

U.S. District Judge Richard J. Sullivan's decision represents a full victory for the SEC in its case accusing Gary Tanaka and Alberto Vilar of diverting millions of dollars of investors' money into their own business and personal ventures. 

The district court previously granted only partial summary judgment to the SEC — it held out on...

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