Appeals Court Upholds Alberto Vilar’s Prison Term But Cancels Fines

“A U.S. appeals court on Wednesday ruled that a federal judge was justified in increasing the prison sentence of money manager and arts patron Alberto Vilar to 10 years in prison from nine for securities fraud. But the 2nd U.S. Circuit Court of Appeals in New York vacated the $10 million in fines imposed on Vilar and Gary Tanaka, his business partner at the now-defunct Amerindo Investment Advisers Inc.”