A judge ordered philanthropist Alberto Vilar imprisoned to await sentencing after his conviction on conspiracy fraud charges.
Vilar, 68, was led away by U.S. marshals after Judge Richard J. Sullivan announced his order Thursday at a hearing in U.S. District Court in Manhattan. Prosecutors had argued that Vilar should be sent to prison, saying there was a risk he would flee before his March 20 sentencing.
The philanthropist was convicted last month by a jury that heard evidence that he lied to clients by promising safe and steady returns through conservative investments by his San Francisco-based investment company, Amerindo Investment Advisors Inc. Prosecutors said he actually put their money in risky technology stocks.
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