Lawyers seek relief for 'broken' convicted philanthropist
NEW YORK (AP) — Once worth nearly a billion dollars, opera-loving philanthropist Alberto Vilar is seeking financial relief from what his lawyers describe as a destitute existence following his 2018 release from prison.
Vilar's lawyers told a Manhattan federal judge in a letter Thursday that Vilar is “a broken individual, penniless, and destitute.” They said he sleeps on a couch in a shared studio apartment and relies on a monthly $2,200 social security check. His attorneys asked that he no longer be required to pay hundreds of dollars monthly toward restitution they claimed was mostly satisfied.
The 80-year-old Vilar, born in New Jersey and of Cuban descent, was once described by Forbes magazine as worth about $950 million before the collapse of technology stocks in 2000 ruined the good fortune of his San Francisco-based investment company, Amerindo Investment Advisors Inc.
Complaints from investors drew the scrutiny of federal prosecutors who said Vilar and a business partner repeatedly lied to clients from 1986 to 2005 by promising safe and steady returns while they squandered millions of dollars on risky bets on technology stocks.
Vilar was sentenced to nine years in prison after his 2008 conviction on charges including conspiracy and investment adviser, mail and wire fraud.
At his sentencing, Vilar was ordered to forfeit over $22 million and pay $21.9 million in restitution and a $25,000 fine. The exact amount still owed to victims of the fraud is unclear.
It was a steep fall for a man whose charity was legendary. He gave as much as $225 million to opera houses and millions more to cultural and medical organizations around the world.
After his 2005 arrest, he could no longer fulfill donation pledges. London’s Royal Opera House removed his name from the...