NY philanthropist freed on bail after court ruling
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.