Another Mutual Fund Manager Going Down

Alberto Vilar. I never heard of him until this morning. Apparentley the money manager for Amerindo Investment Advisors (link not currently working, hmmm...) was charged last week with stealing millions of dollars from a client. Upon further inspection they also found that Mr. Vilar also gave various IPOs to chosen people during the tech boom. This doesn't look good for Mr. Vilar.

Mr. Vilar supposedly took most of the IPOs he received as manager of the Amerindo Technology Fund (ATCHX) and gave them to a small group of wealthy clients investing through an offshore account.

Pretty pathetic if you ask me. This makes Bogle's case for indexing even stronger!

Tags: Alberto Vilar, Amerindo Investment Advisors, Amerindo Technology Fund, ATCHX