Summary
Arts patron fleeced investors
NEW YORK -- Opera-loving philanthropist Alberto Vilar was convicted on fraud charges Wednesday for swindling investors, including the mother of actress Phoebe Cates, out of millions of dollars. Federal prosecutors said Vilar and a business partner falsely told investors their money would be safe. Instead, the men poured millions of dollars into risky technology stocks that later crashed, prosecutors said. Lily Cates, the mother of the actress, testified that $5 million of her money was lost by Vilar and co- defendant Gary Alan Tanaka. Vilar was convicted of conspiracy to commit securities, investment adviser, mail and wire fraud; and 11 other counts. Tanaka, 65, was convicted of conspiracy as well as securities and investment adviser fraud, but was acquitted on nine other counts.See the full content of this document
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