Alberto Vilar , a.k.a., Albert Vilar, (born 4 October 1940) is a Cuban-American investor and philanthropist from West Orange, NJ, particularly known as a patron of opera. His trial was set for September, 2008 for money laundering, investment advisor fraud, securities fraud, wire fraud and mail fraud and he was convicted in mid-November of that year. The prosecution claims that some of the money allegedly stolen from his clients was used to meet philanthropic commitments that he had made.
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Background
Vilar earned an economics degree from Washington and Jefferson College, a liberal arts college in Washington, PA. He then earned a master's degree in economics at Iona College in New Rochelle, New York. In 1979, along with Gary Tanaka, he founded Amerindo Investment Advisers, an investment advisory firm based in San Francisco and New York, with offices in London. In 1981, Vilar made his first $1 million. Amerindo's main investment activities were in technology funds, and that sector was the most severely affected by the stock market crash of 2000.
Vilar’s donations to opera companies and other organizations
Vilar became known globally as a generous donor to opera companies, performing arts organizations, and educational institutions in several parts of the world. Norman Lebrecht[1] states that, as of August 2002, the total of his "actual plus pledged" contributions stood at $250 million. By 2000 Vilar was claiming to be "the largest supporter of classical music, opera, and ballet in the world".[2] In 2002, the Americans for the Arts organization gave him their National Arts Award, for “Corporate Citizenship in the Arts”. Many of his pledges, however, were in the event never paid.
Among the beneficiaries of his generosity have been:
- Royal Opera House, Covent Garden in central London, where the Floral Hall, one of the major foyers of the redeveloped house, was named the “Vilar Floral Hall” in recognition of a 1999 pledge of £10 million. The ROH changed the name of its atrium to the Floral Hall in September 2005 after Vilar paid only a fraction of the £10 million donation he pledged.[3] Subsequently he pledged money for the “Young Artists Programme”, several opera production sponsorships, and for the installation of seat back titles in the main auditorium.
- The Salzburg Music Festival received its largest donation in its 81-year history from Vilar. He in turn received a full-page color photo of himself in every program book.
- Metropolitan Opera was pledged amounts thought to total $45 million. With $12 million actually given to the company, he remains as its third largest donor.
- The Kirov Opera located in the Mariinsky Theatre in Saint Petersburg, Russia, under Valery Gergiev, the charismatic conductor and artistic director, has been another major beneficiary of Vilar’s support, which is said to have been around $14 million and was focused primarily on supporting the summer White Nights Festival.
- Washington DC’s Kennedy Center, under its President, Michael Kaiser who had developed a relationship with Vilar when the former was at the Royal Opera House, received donations to create an arts-management program, the Vilar Institute for Arts Management plus pledges for a program to bring the Kirov Opera to the Center on an annual basis. In 2001 Vilar pledged $50 million toward the Center's activities. Again, actual payments fell short, and the Center has had to seek alternative sources of financial support.
- The Washington Opera and the Los Angeles Opera both received support from Vilar due to his connection to Plácido Domingo, who is General and Artistic Director of both companies. $10 million was pledged to each company.
- Maazel/Vilar Conductors' Competition.
- New York University has the Alberto Vilar Global Fellows in the Performing Arts program, which began in 2002 with a $23.4 million donation to attract and bring young performing artists to study in New York for two years. It has been described by NYU as a Rhodes Scholars-style program .
- Beaver Creek, Colorado has the Vilar Center for the Arts and the Ford Amphitheater/Vilar Pavilion in Vail, Colorado.
- Washington & Jefferson College began construction of a new technology building, which was to be named "The Vilar Technology Center," based on a multi-million dollar pledge by Vilar. With the pledge failing to fully materialize, funds were diverted from elsewhere, allowing for the scaled back building, along with its scaled back name of the "Technology Center" to be completed.
As noted in a New Yorker profile of Vilar by James Stewart, at some point in 2002, Vilar was hospitalized for a series of operations on his back, and he claims to have nearly died as the result of complications: "they were ready to give me the last rites".[4] There was speculation that he might have missed some planned donations as the result of his illness.
A lasting effect, however, clearly came from the severe decline in his personal fortune due to the crash in technology stocks around 2000. It is documented that Vilar still continued to make pledges even as his personal and his company's fortunes continued to plunge. Among the pledges were $5 million for money for voice loss research after meeting Julie Andrews and $30 million to a Berlin opera company: "Asking Alberto for money was like offering an alcoholic a drink".[5]
Fraud charges in 2005
Alberto Vilar and Gary Tanaka were arrested on May 26, 2005, on charges of securities fraud. [1][2] The government claimed that the two appropriated as much as $5 million of an Amerindo client's money for personal use; it was alleged that Vilar used the money to pay for some home repairs and to make good on previously-promised charitable contributions. It was also alleged that Tanaka used money to purchase thoroughbred race horses. The SEC also filed a civil suit (see [3]).
According to Stewart’s article in The New Yorker, an extensive analysis of Vilar’s rise and fall, “Vilar maintains that when he was arrested he was on the brink of a financial comeback. "Everything I predicted about the Internet has come true.... I'm ready to go back to work and make money." Stewart continues that, “if convicted, Vilar and Tanaka face fines of more than ten million dollars and prison terms of up to a hundred and fifty-five years. But Vilar says, "We'll sort this out. I'll get beyond this. I will always try to help others.... I still love opera and classical music.... The Met is not going to get my money, but it will not kill my love of music." As of late-2007, Vilar and Tanaka remained on bail and ordered to remain in New York City.
The charges did not allege wrongdoing at Amerindo's mutual funds, and when the firm was wound up there were no missing funds. But Morningstar, a fund analysis company, advised investors to withdraw their money in any case, because the funds had been performing very poorly. In fact, as with many other funds investing in internet companies, investors had already been pulling out for some time, reducing assets and causing expense ratios to increase. Extensive seizures of records and computers in the course of the investigation compelled Amerindo's board to merge the fund with Munder Capital Management's fund, Munder NetNet, later renamed Munder Internet. The seizures were ruled excessive by a federal judge in early 2007.
Represented by Herald Price Fahringer, Vilar's trial concluded on 19 November 2008 with the conviction of both Vilar and Tanaka on many charges. Their sentencing is pending. [6]
Consequences of his failures to pay promised donations
Many of the organizations to which Vilar had pledged donations gradually began to remove his name from parts of their institutions where it was placed prominently.
In July 2005 the Royal Opera House announced that, following Vilar’s failure to maintain the agreed payment schedule, his name would be removed from the building. Later his name was removed from the young artists program when a new donor stepped forward. However, since his total donation to the ROH since 1999 is approximately £4.4million, he remains listed on the Donor and Benefactors Board. [4]. Vilar's name, which appeared on the “Vilar Grand Tier” at the Metropolitan Opera, has since been removed. The Washington Opera’s young artists program has also been renamed (after additional support was found) as the “Domingo-Cafritz Young Artist Program”, and the Kennedy Center’s “Arts Management Fellowship” program has similarly dropped the Vilar name.
References
- ^ Norman Lebrecht, La Scena Musicale, see below
- ^ Quoted from an interview in The Times (London) by James Stewart
- ^ BBC NEWS | Entertainment | £10m pledged to Royal Opera House
- ^ In James Stewart, "The Opera Lover"
- ^ A close friend quoted in James Stewart, "The Opera Lover"
- ^ Larry Neumeister, "Opera-loving philanthropist convicted in NY of swindling investors out of millions", Los Angeles Times, November 19, 2008 Retrieved 19 November 2008
- Stewart, James B., “The Opera Lover: How Alberto Vilar's Passion for Philanthropy Landed Him in Jail”, The New Yorker, 13th & 20 February 2006
- Watkin, Daniel J., "As His Fraud Trial Begins, Fallen Arts Patron Decries His Prosecution", The New York Times, Sept. 21, 2008.
External links
- Norman Lebrecht, "A New Future for Opera?", La Scena Musicale, 23 May 2001, an account of Vilar’s philanthropy
- Steve Hamm, "This Opera Lover Is Singing Again", Business Week, 5 July 2004 article on his “comeback”
- "Once a billionaire, now a prisoner", 30 May 2005, CNN.com article
- "Alberto Vilar Spends More Time in Jail While His Amerindo Investment Advisers Teeters on the Brink", an account of the charges against Vilar
- Russel Kinnel and Dieter Owen Bardy, "Amerindo Founders Jailed on Fraud Charges", 3 June 2005, a Morningstar account of the situation
- Vilar Center for the Arts at Beaver Creek website
- SEC complaint vs Amerindo companies, Techno Raquia, Alberto W Vilar, Gary Alan Tanaka
Chivas vs Atlante 1-0 10/18/08
El partido de Chivas contra Atlante que se tomo acabo el sabado 18 de Octubre 2008 en el estadio Jalisco. Chivas superó a los 'Potros' El 'Rebaño' ganó 1 - 0 GUADALAJARA - Sergio Santana fue llamado para solucionar la falta de "punch" del Guadalajara al frente y apenas tardó tres minutos en cumplir con su misión, para derrotar 1-0 a un Atlante falto de ambición esta noche en el Estadio Jalisco. Apertura México 2008. Jornada 13. Chivas de Guadalajara 30 Víctor Hugo Hernández 4 Héctor ReynosoTA 5 Patricio Araujo 6 Omar Esparza 19 Jonny Magallón 21 Sergio Santana(1x GOL autogol) 20 substituye a Edgar Mejía 8 Marco Jhonfai Fabián de la Mora 10 substituye a Alberto Medina 11 Ramón MoralesTA 16 Edgar Iván SolísTA 18 Xavier Iván BaezTA 13 Sergio Ávila 9 substituye a Omar Arellano Riverón Entrenador: Efraín Flores Atlante 3 Federico Vilar 2 Javier David Muñoz 4 Luis Gerardo Venegas 8 Alan Miguel Zamora 51 César Fragoso 15 substituye a Arturo Muñoz 6 Gerardo EspinozaTA 18 Christian Bermúdez 19 Mariano TrujilloTA 65 Ismael Valadez 28 substituye a Fernando Herrera 11 Luis Gabriel Rey 27 Raymundo Torres 17 substituye a José Daniel Guerrero Entrenador: José Guadalupe Cruz Jornada 13 - Chivas de Guadalajara vs. Atlante - Finalizado
Author: AeroSoccer
Keywords: Chivas vs Atlante Guadalajara potros felinos futbol caliente jugadas hot soccer tricks atajadas gol goal cabezita trucos sports talk extreme action deportes accion blocks jugadores juego deportivo athletico AeroSoccer
Added: October 21, 2008
CD Olimpia vs Atlante 1-1 10/8/08
El partido de CD Olimpia contra Atlante que se tomo acabo el miercoles 8 de Octubre 2008 en Honduras. CONCACAF Liga Campeones. PRIMERA RONDA - GRUPO C TEGUCIGALPA - Golazo histórico realizó el arquero argentino Federico Vilar, para hacer soñar al equipo mexicano Atlante con el triunfo sobre el local Olimpia, pero en el minuto 84 marcó Wilmer Castro el de la igualada. Atlante empató en Honduras Los 'Potros' se llevaron el 1 - 1. Alineaciones: Olimpia.- Donis Salatiel Escober, Johnny Palacios, Loureiro Fabio Souza, Wilfrido Barahona, Francisco Antonio López (Johny Josué Calderón, 46), Edwin Yabani Avila (Jesús Alberto Navas, 52), Jaime Rosales, Wilmer Castro, Erick Andino, Wilmer Velásquez (Junior Alan Kardec, 72) y Ramiro Bruschi. DT Juan de Dios Castillo (MEX). Atlante.- Federico Vilar, Luis Venegas, José Daniel Guerrero, Ignacio Hierro, César Fragoso, Arturo Muñoz (Daniel García, 59), Raymundo Torres, Fernando Herrera, Tomás Domínguez (Fernando Navarro, 57), Omar Cervantes (Daniel Arreola, 65) e Ismael Valadez. DT José Guadalupe Cruz.
Author: AeroSoccer
Keywords: CD Olimpia vs Atlante hot soccer tricks futbol caliente jugadas mexicano hondureña goles goals gol empate skills fans sports talk extreme action aficionados abilidades atajadas blocks game juego jugadores players sponsors AeroSoccer
Added: October 9, 2008
Amália (Criança) Catia Garcia / de Filipe Lá Féria- 2ª Parte
Musical Amália - Quadro de Amália criança: Cátia Garcia, Avó: Mafalda Durmond, Pai: Alberto Vilar, Mãe: Mariema, Amália: Luisa Bastos, Teatro Sá da Bandeira, Porto Portugal, Musica: Lágrima: Letra de Amália Rodrigues: Musica de Carlos Gonçalves
Author: nelgarcia13
Keywords: Amália Rodrigues Teatro Musica Porto Portugal world music Filipe Lá Féria Espectáculo Musical
Added: October 8, 2008
Amalia (Criança) Cátia Garcia/ de Filipe Lá Féria 1ªParte
Musical Amália Quadro de Amália criança: Catia Garcia, Avó: Mafalda Drumond, Pai: Alberto Vilar, Mãe:Mariema, Amália: Luisa Bastos, Teatro Sá da Bandeira Porto Portugal
Author: nelgarcia13
Keywords: amalia rodrigues teatro musica porto portugal filipe lá féria catia garcia espectaculo
Added: October 8, 2008
DE L'OBJECTE LLIBRE AL LLIBRE OBJECTE
Bajo el título "De l´objecte llibre al llibre objecte" se va a celebrar del 27 de febrero al 5 de abril, en la Galería Kessler-Battaglia, una exposición entorno al libro de artista. Se trata de un proyecto organizado por el Departamento de Dibujo de la Facultad de BB.AA. de San Carlos (UPV), en colaboración con la Biblioteca Pública de Valencia (Biblioteca del Hospital) quien ha facilitado un importante número de libros descatalogados para su manipulación artística. La iniciativa que en su momento partió del contacto de la actual exdirectora de la Biblioteca Dª Carolina Sevilla con Miquel Guillem y Blanca Rosa Pastor (Director y subdirectora del Dto. De Dibujo), ha dado como resultado la consecución de este proyecto. Al mismo han sido invitados a colaborar a distintos artistas externos a la Universidad, así como al profesorado del propio departamento de Dibujo, el de Escultura y el de Pintura. La exposición, coordinada por el profesor Eduard Ibáñez, reúne 54 libros intervenidos y convertidos en "libros de artista", una muestra amplia y rica de diferentes propuestas plásticas y discursos conceptuales entorno al libro como objeto. Artistas: Antonio Alcaraz, Ximo Aldás, Amparo B. Weiden, Rafa Calduch, Victoria Cano, Amparo Carbonell, Teresa Cháfer, Javier Chapa, Carmen Chinchilla, Tola Clérigues, Toni Cucala, Jose Luis Cueto, Chema De Luelmo, Chele Esteve, Fernando Evangelio, Jose Galindo, Beatriz Garcia, Francesca Genna, HR Giger, Jaime Giménez, Paco Giner, Trinidad Grácia, Miquel Guillem, Jose Manuel Guillen, Chi-Chang Hsieh, Eduard Ibáñez, Michael Krumbiegel, Ma Ángeles López, Pepa López, Alberto March, Carmen Marcos, Eva Marín, Carlos Martínez, Pepe Miralles, Mau Monleón, Gema Navarro, Isabel Oliver, Vicente Ortiz Sausor, Dolores Pascual, Blanca Rosa Pastor, Ma Luisa Pérez, Marta Pina, Carlos Plasencia, Miguel A. Ríos, Nuria Rodríguez, Kiruna Roselló, Gema Rupérez, Paco Sanmartín, Paula Santiago, Jorge Serrano, Ana Tomas, Isabel Tristán, Guillermo Vázquez, Sara Vilar.
Author: GALERIAKESSLER
Keywords: Galeria Arte Art Gallery Kessler Battaglia Valencia Objecte Llibre UPV BB.AA. San Carlos Biblioteca del Hospital Eduard Ibañez Rafael Calduch Vicente Ortiz Sausor Amparo Carbonell Gema Ruperez Fernando Evangelio Javier Chapa Chi-Chang Hsieh Miquel Guillem Blanca Rosa Pastor
Added: September 10, 2008