NEW YORK (AP) — A New York federal appeals court has upheld the conviction of an opera-loving philanthropist convicted of a multimillion-dollar fraud.
Alberto Vilar 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 in the scheme. The amount of money lost impacts how much time Vilar and his codefendant — Gary Alan Tanaka — must spend in prison.
Vilar was convicted in November 2008 and sentenced to nine years in prison. Tanaka was sentenced to five years in prison.
The Cuban-born Vilar was estimated to be worth nearly a billion dollars at one time.
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If the fee was enacted as planned in the New Starts application, the expected $555 million in revenue would almost double the amount of taxes and fees motorists currently pay to the state through gas taxes
Ronald Nored, guard for the Butler University basketball teams that went to back-to-back Final Fours in the NCAA Tournament, has already landed his first coaching gig. The former Bulldog will lead the Brownsburg High School Bulldogs.
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