November 28, 2014
NEW YORK (AP) - A federal appeals court in New York has upheld the conviction of an opera-loving philanthropist convicted of a multimillion-dollar fraud.
Alberto Vilar (vih-LAHR') has been wearing an electronic bracelet since the 2nd U.S. Circuit Court of Appeals ordered him freed on bail last year pending appeal.
The appeals court on Friday upheld his conviction. But it ordered a resentencing so the judge can reconsider how much money was lost. The amount lost affects how much time Vilar and his co-defendant Gary Alan Tanaka must spend in prison.
Vilar was convicted in November 2008 and sentenced to nine years in prison. Tanaka was sentenced to five years in prison.
The Cuban-born Vilar was estimated to be worth nearly a billion dollars at one time and gave generously to music companies.
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