The Securities and Exchange Commission has filed a civil lawsuit against Amerindo Investment Advisors and its founders, Alberto Vilar and Gary Tanaka, who are in jail facing fraud charges.

Mr Vilar, who made his name as a patron of the arts and technology investor, is trying to raise $10m bail. His net worth, once put at more than $1bn, is believed to have shrunk to $100m, but he was still unable to provide the bail after his arrest last week.