Hedge Fund Founders Convicted In Fraud Trial

Law360, New York (November 19, 2008, 12:00 AM EST) -- A jury has convicted two former billionaire philanthropists, Alberto Vilar and Gary Tanaka, of a multimillion-dollar scheme to defraud investors through their company, Amerindo Investment Advisors Inc.

A jury in the U.S. District Court for the Southern District of New York handed the verdict down Wednesday after a nine-week trial.

The U.S. government sued San Francisco-based Amerindo’s two founders, opera-supporter Vilar and university donor Tanaka, in May 2005. The two were accused of swindling a single investor, a former friend of Tanaka, for $5 million in...
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