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NY philanthropist freed on bail after court ruling

Wednesday - 10/17/2012, 8:06pm  ET

NEW YORK (AP) - An opera-loving philanthropist convicted in New York of a multimillion-dollar fraud has been freed on bail to await the outcome of his appeal.

Alberto Vilar was freed Wednesday on $10 million bail from a federal lockup in Fort Dix, N.J. He'll be required to wear an electronic bracelet, as he was before his November 2008 conviction.

A federal appeals court in Manhattan two weeks ago ordered the release of Vilar and co-defendant Gary Alan Tanaka, who was freed Tuesday on $5 million bail. The appeals court heard arguments in August but hasn't ruled.

The Cuban-born Vilar was accused of cheating investors of $40 million through his San Francisco-based company. He was serving a nine-year term. Tanaka was serving five years.

Their attorney says they are relieved to be out and look forward to the appeals ruling.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)