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.

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