Arts patron and technology investor Alberto Vilar pleaded not guilty Monday to charges that he misappropriated $5 million from a longtime friend and client, Vilar's lawyer said.
Vilar, who has been jailed in the Metropolitan Correctional Center since his May 26 arrest, appeared at the hearing in the U.S. District Court for the Southern District of New York.
Vilar has been unable to meet bail that was reduced to $4 million, although he is expected to within a day or two, said his lawyer, Susan Necheles.
"There have been a lot of people who have come forward, but it is a very difficult bail package," she said.
Vilar was indicted last week on eight counts of fraud and money laundering. The independent board of Amerindo Funds Inc. removed Vilar and partner Gary Tanaka from running the fund two weeks ago and appointed the chief compliance officer as acting president.
Tanaka's attorney did not return calls for comment.