Opera Benefactor Vilar Sentenced to Nine Years for Fraud

Alberto W. Vilar, an arts patron whose name once graced prominent spots at opera houses in New York and London, was sentenced February 5 to nine years in prison for fraud, The New York Times reports.

Mr. Vilar, a partner in the financial company Amerindo Investment Advisors, was convicted in 2008 of defrauding clients out of $22-million by spending money pledged to stable investments on risky technology stocks instead.

Prosecutors said the scheme fell apart in 2002 when Mr. Vilar was unable to make promised donations to opera houses in Chicago, New York, and Washington. Before that, he had given more than $100-million to arts causes, and the Metropolitan Opera’s grand tier and the Floral Hall at London’s Royal Opera House were both named for him. Those institutions have since removed his name.

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