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Rating:Amerindo's Founders Get 14 Years of Total Prison Time Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, February 8, 2010

Amerindo's Founders Get 14 Years of Total Prison Time

News summary by MFWire's editors

It looks like Gary Tanaka and Alberto Vilar are heading to prison for years, though appeals aren't off the table. On Friday, in Manhattan, U.S. District Judge Richard Sullivan sentenced the two Amerindo Investment Advisors owners to prison (five years for Tanaka, nine for Vilar) for allegedly stealing investors' money in the wake of the dotcom bubble's collapse. (Fundsters may recall the Amerindo Technology Fund, which is unrelated to the case.)

Racing Post's David Ashforth reports that Tanaka, a racehorse owner, on Saturday said that he will appeal the sentence. Meanwhile, Bloomberg's Charles Cater and John Pickering report a friend of Tanaka's, Annelies Glen-Teven, has won $926,000 racing his 13 horses. (Tanaka's Proudinsky won the San Gabriel Handicap, with a $90,000 prize, on December 27.)

Tanaka and Vilar were convicted in November 2008, after first being charged in May 2005. Their sentencing captured headlines across the media, including: the Associated Press, Bloomberg, the Daily Mail, the Daily Telegraph, the Denver Business Journal, Dow Jones, the Los Angeles Times, the New York Daily News, the New York Post, the New York Times, Reuters

Edited by: Neil Anderson, Managing Editor

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