Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A Federal Judge Upholds Conviction of Amerindo Founder Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 04, 2013

A Federal Judge Upholds Conviction of Amerindo Founder

News summary by MFWire's editors

The 2008 fraud conviction of Alberto Vilar, founder of Amerindo Funds, was upheld by a U.S. appeals court, Reuters' Jonathan Stempei reports, but Circuit Judge Jose Cabranes ordered that he be resentenced. The resentencing was ordered due to a 2010 U.S. Supreme Court decision, Morrison vs. National Australia Bank, that stated a federal law meant to fight securities fraud didn't cover investments done outside the U.S., Stempei writes. Cabranes added that math errors were made, requiring that the forfeiture amount be recalculated., Stempei reports.

Stempei interviewed Hannah Buxbaum, interim dean at Indiana University's Maurer School of Law, whom he quoted as saying on the Morrison decision, "Morrison diminished the government's ability to address many forms of cross-border misconduct, and we're now seeing that play out for the Department of Justice."

Vilar first saw speculation on his finances when he was unable to make good on charitable gifts he had promised, with Vilar owing $1.5 million on a $3.5 million pledge for the Gerald Ford Amphitheater stage and he never made a $25 million donation to the National Jewish Medical and Research Center.

Vilar and Gary Tanaka were charged with fraud and arrested in 2005 on accusations that they took millions of dollars of investor money to make charitable donations, purchase racehorses and cover business expenses.

To read more, click here and here.  

Edited by: Casey Quinlan


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use