Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Amerindo’s Vilar, Tanaka Must Be Resentenced, Court Says

Aug. 31 (Bloomberg) -- Alberto Vilar and Gary Tanaka, the technology investors convicted in 2008 of stealing from clients, must be resentenced, a federal appeals court in New York said.

A three-judge panel of the appeals court, applying a U.S. Supreme Court case limiting the reach of securities laws to domestic transactions, sent the case back to the trial judge to determine what part of the victims’ losses were tied to securities purchased in the U.S. The court yesterday also rejected arguments by Vilar and Tanaka, who were partners in New York-based Amerindo Investment Advisors Inc., that the convictions should be overturned.

Vilar, 71, an opera lover and former philanthropist, has about four years remaining on his nine-year sentence. Tanaka, 70, who owned thoroughbred race horses, was born in a U.S. internment camp for Japanese-American civilians during World War II. He has about two years to serve on a five-year term. In October, the two men were released from prison on bail pending the appeal.

U.S. District Judge Richard Sullivan, who presided over the trial, determined that the amount of loss caused by the scheme was $20 million to $50 million. Because federal sentences for white-collar crimes are often driven by the loss amount, Vilar and Tanaka may get lower prison terms if they can show part of it was tied to offshore transactions.

12 Counts

A jury in Manhattan convicted Vilar of all 12 criminal counts against him, including fraud and conspiracy. Tanaka was convicted of three counts and found not guilty of the remaining nine counts.

The appeals court declined to consider Vilar’s argument that the verdict against him should be thrown out because his lawyer provided ineffective assistance at trial. The court said Vilar may raise the claim in a petition for a writ of habeas corpus, a legal procedure used by people convicted of crimes to challenge the legality of their confinement.

The case is U.S. v. Vilar, 10-04639, U.S. Court of Appeals for the Second Circuit (Manhattan).

To contact the reporter on this story: Bob Van Voris in New York at

To contact the editor responsible for this story: Michael Hytha at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.