Vail Daily letter: Money’s not missing
New York, N.Y.
David Dillon writes that Alberto Vilar stole millions of dollars of clients’ money and that there is a real question as to whose money Vilar used to fund his philanthropy. Mr. Dillon shares this widely held misunderstanding of the case.
I was Alberto Vilar’s lawyer at sentencing. Mr Vilar was found guilty of soliciting funds on the basis of false statements as to how the money would be invested. Admittedly, this is a bad thing, but no one will have lost any money. The government conceded at sentencing that it has identified at least $42 million in frozen cash and securities, enough to make all of his investors whole. There is no question as to the source of the funds Mr. Vilar contributed to the Vail institutions: it was Mr. Vilar’s money. One might infer from the length of Mr. Vilar’s nine-year prison sentence that his investors’ money has gone missing. It has not. Their money is safely frozen in various U. S. accounts under the government’s control.
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