Alberto Vilar, a high-flying technology investor with billions of dollars under management and a global philanthropist of the arts, was yesterday scrambling to raise $10m in bail to secure his release from jail.

Mr Vilar, arrested last Thursday following allegations of a $5m fraud, failed to pay the $10m in cash on Friday and has been in jail since. He will be arraigned today on charges filed with the US Attorney's office by a Panamanian investor.