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VAIL — The financier and philanthropist for whom the Vilar Center in Beaver Creek is named will remain in prison, a judge ruled Tuesday.
Alberto Vilar was denied bail by the same New York judge who sent him to prison for fraud. Manhattan Federal Judge Richard Sullivan said Vilar might be a flight risk and ordered that Vilar remain behind bars.
In February 2010, after he was convicted of bilking up to $40 million from investors. He used at least part of the money for his philanthropic work, court records say.
At his sentencing, Vilar begged Sullivan for leniency, saying he was too old and sick to die behind bars.
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