Indicted Opera Patron to Face the Music in September
For Three Years, Philanthropist Alberto Vilar's Fraud Trial Has Been Delayed; Out on Bail, He Still Goes to the Opera
By MARCUS BARAM
June 17, 2008 —
It's been three long years since Alberto Vilar, one of the world's leading art patrons, was arrested and charged with defrauding investors of millions of dollars but he may finally face the music in September.
Vilar's lawyer and federal prosecutors have set a date for his long-delayed trial to begin on September 8. In the meantime, Vilar has churned through at least four lawyers who made several failed motions to suppress evidence in the case but succeeded in relaxing the conditions of his bail.
Vilar, an opera aficianado, and his business partner were charged in May 2005 with taking millions given to them by friends to invest through their firm, Amerindo Investment Advisers, and diverting it to opera houses and orchestras around the world. Vilar has denied the charges, claiming that investment losses were due to the stock market's collapse after 2000.
In actual and pledged contributions, Vilar is estimated to have given $250 million to arts organizations and education institutions from the Metropolitan Opera and the Kirov to the Kennedy Center and the Salzburg Music Festival.
Although his downfall made headlines and led to embarrassing moments, such as London's Royal Opera House removing his name from their building, Vilar's life hasn't changed that much.
He continues to attend the opera on a regular basis, has traveled to London and Puerto Rico, and successfully petitioned to have his ankle bracelet removed and to leave his apartment in the later afternoon and evening, according to court documents and associates.
And he still lives in his luxury Manhattan apartment. Although he sold the lower floor for $4 million in 2006, he held onto the 5500-square-foot upper floor unit which has a massive living room and several bedrooms, according to the listing broker for the apartment.
Vilar's powerful friends, such as conductor Valery Gergiev and investor Alfred Heitkoenig, have loaned him money and put up their homes as collateral for his bail, according to court documents.
"He's an old family friend," says Heitkoenig. "I can't believe he would do what he is accused of. I believe in him and I hope it's not true. I'm amazed after such an ordeal that he keeps his spirits up."
Vilar's current lawyer did not return calls for comment.