"Vilar Spends Weekend Behind Bars" is one of this morning's headlines about the ongoing theme of regulators clamping down on white-collar crime3/4in The Wall Street Journal, no less.
Vilar, the reknown, former Amerindo high-tech money manager, who oversaw billions and rode the dot-com wave to accumulate $920 million just before the market's March 2001 catacylsmic denouement, was incarcerated over the weekend for failure to post $4 million bail on a $10 million bond.
Vilar, a philanthropist well-known in New York and throughout the nation for his generosity toward the arts, particularly the philharmonic, was only able to offer a bond on a friend's $1.8 million Southampton home. Vilar's attorney, Susan Necheles, told the Journal she is working to have her client remanded to his own home with electronic monitoring.
Vilar, 64, and colleague Gary Tanaka, 61, are federally charged with allegedly using millions of dollars of clients' money. In Vilar's case, the government believes he used the money for charitable donations along with improper personal and busines expenses.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries