A Manhattan jury has convicted philanthropist Alberto Vilar after prosecutors accused the investment adviser of swindling investors out of millions of dollars.

Federal prosecutors accused Vilar and a business partner of falsely telling investors their money would be safely invested. The government alleged that the men actually poured millions of dollars into risky technology stocks before the stocks crashed.

The mother of actress Phoebe Cates testified that $5 million of her money was mishandled by Vilar and a co-defendant.

Defense attorneys insisted that Vilar was innocent and that he never intended to mislead anyone.

The charges included conspiracy to commit securities, mail, wire and investment fraud.

Vilar visited Beaver Creek for the first time in the late 1980s and went on to pour more than $10 million into the Vail Valley, helping to finance the peforming arts center in Beaver Creek that bears his name and remodel the Gerald R. Ford Amphitheater in Vail. The opera lover was able to keep most but not all of his promises in the area.