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Long Terms for Fraud Out of Tech Bubble

MANHATTAN (CN) - The former owners of Amerindo Investment Advisors were sentenced Friday to 12 and 5 years in federal prison for fraud. Alberto Vilar got 12 years, Gary Tanaka 5. They "guaranteed" investors fixed rates of return and then blew millions when the tech bubble burst in 2000.

Vilar, 69, of New York was also fined $25,000. Tanaka, 66, of London, England, was fined $20,000. They were convicted after a 9-week jury trial.

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