Vilar Released On Bail

Disgraced philanthropist Alberto Vilar was released from a New York federal prison June 20th, three weeks after his arrest on charges that he bilked an investor out of $5 million.

Vilar was being held on $10 million bail and had to post $4 million to secure it. The Cuban immigrant apparently needed time to arrange for his contacts around the world to help him post enough assets to make bail.

Vilar is accused of taking the $5 million from a client’s account and using it to cover his own expenses and make charitable donations. If convicted, he could face up to 10 years in prison.