Fraud Trial Starts With Tales of Schemes

[struggle4progress]

Source: NYT

By DANIEL J. WAKIN
Published: September 29, 2008

Alberto W. Vilar, the opera lover and disgraced patron of the arts, took center stage in a federal courtroom on Monday, when his trial for securities fraud opened with a prosecutor describing him as a lying fraudster who finagled money out of clients.

Defense lawyers gave a contrasting view, portraying him as a top-rated investment adviser who made millions for big pension funds and individuals and returned “every penny” to his clients.

An assistant United States attorney, Benjamin A. Naftalis, repeatedly used the words lie and steal to describe Mr. Vilar’s dealings with clients, and said that Mr. Vilar and his business partner had even had an employee use scissors and Scotch tape to attach a client’s signature to an order transferring $250,000 from her account.

Mr. Vilar, 67, and the partner, Gary A. Tanaka, 65, are charged with conspiracy and securities fraud, investment adviser fraud, mail fraud, wire fraud and money laundering while handling funds of clients of their firm, Amerindo Investment Advisors, from 1986 to 2005 ...

Read more: http://www.nytimes.com/2008/09/30/arts/music/30vilar.html?_r=1&ref=nyregion&oref=slogin