While Amerindo Investment Advisors founder and CEO Alberto Vilar anxiously awaits his next day in court, all indications are that his struggling Amerindo Technology fund is gasping its last breaths.

The 64-year-old Vilar is accused of using an investor's money, which was intended for an investment separate from the Amerindo Technology fund, to pay outstanding personal and business expenses. His partner, Gary Tanaka, 61, has also been implicated. They were arrested three weeks ago. Tanaka is free on a $10 million personal recognizance bond. Vilar, however, remains in a holding cell in Lower Manhattan just a stone's throw from the investment bankers, brokers and traders that helped make his fund the darling of the technology boom unable to raise a $4 million bond.

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