Vilar Pleads Not Guilty to Money Laundering

Amerindo Investment Advisors founder Alberto Vilar has pleaded not guilty to charges of misusing an investor's money, but as of yesterday afternoon the high-profile industry executive and philanthropist remained jailed because he's unable to raise bail.

On Monday, Vilar, 64, entered his plea in a Manhattan courtroom, The Wall Street Journal reports. He is still housed, however, in the Manhattan Metropolitan Correction Center, even though a judge scaled back the amount necessary to gain release to $4 million. According to Journal, Vilar has put up his $2 million personal art collection and four friends have offered to co-sign the bond. Another friend has offered his $1.8 million property in Southampton, N.Y.