Vilar was convicted of defrauding clients to pay debts, a scheme that prosecutors say began after a sharp decline in technology stocks hurt performance at his Amerindo Investment Advisers money management firm. He was found guilty by a U.S. District Court jury in Manhattan of all 12 counts he faced. Vilar's business partner, Gary Tanaka, was found guilty of securities fraud and conspiracy. Tanaka was found not guilty of money laundering. The two were arrested in May 2005.