US$10m bail contested

NEW YORK - Alberto Vilar, a multi-millionaire money manager and arts benefactor charged with stealing client funds, has a chance this week to be freed from jail.

United States prosecutors last week charged Vilar, who grew up in Cuba, with using an investor's money to make donations to his alma mater and arts groups and to pay personal expenses.

A US District Judge set bail for Vilar, 64, at US$10 million ($13.9 million), an amount his defence attorney said the fund manager was unable to raise. Tomorrow Vilar's lawyers will seek an affordable bail figure.

- BLOOMBERG