NY fed court upholds conviction of philanthropist

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by Associated Press

Associated Press

Posted on August 31, 2013 at 12:03 PM

Updated Saturday, Aug 31 at 12:06 PM

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 must spend in prison.

Vilar was convicted in November 2008 and sentenced to nine years in prison. The co-defendant was sentenced to five years in prison.

The New Jersey-born Vilar is of Cuban descent. He was estimated to be worth nearly a billion dollars and gave generously to music companies.

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