Courtesy of Reuters.com:
Alberto Vilar, a once high-flying New York money manager and arts philanthropist accused of stealing from clients, was found guilty of fraud and money laundering by a U.S. jury on Wednesday.
Vilar was convicted of defrauding clients to pay debts, a scheme that prosecutors say began after a sharp decline in technology stocks hurt performance at his Amerindo Investment Advisers money management firm. He was found guilty by a U.S. District Court jury in Manhattan of all 12 counts he faced.
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