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NY philanthropist freed on bail after court ruling

Wednesday, 17 Oct 2012 | 8:06 PM ET

NEW YORK -- 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.