FraudNews
08-04-2010, 01:27 AM
NEW YORK Manhattan art dealer Lawrence Salander who scammed collectors by selling shares of the same work of art to several owners and selling artwork that did he did not own, was sentenced to 6 to 18 years in prison.
The amount he stole from clients and investors amounted to $120 million and the unfortunate victims included former tennis player John McEnroe and Hollywood star Robert De Niro.
Salander, 61, pleaded guilty in March in New York Supreme, almost three years after he closed his Gallery and filed bankruptcy, with debts of more than $US50 million.
New York State Supreme Court Justice Michael Obus spoke about the trust element that operated in the art market and how his case act betrayed the very element, calling Salander’s actions “deplorable” while ordering him to pay more than $114 million in restitution.
Prosecutors said Salander used most of the money he stole in funding a luxurious lifestyle.
The amount he stole from clients and investors amounted to $120 million and the unfortunate victims included former tennis player John McEnroe and Hollywood star Robert De Niro.
Salander, 61, pleaded guilty in March in New York Supreme, almost three years after he closed his Gallery and filed bankruptcy, with debts of more than $US50 million.
New York State Supreme Court Justice Michael Obus spoke about the trust element that operated in the art market and how his case act betrayed the very element, calling Salander’s actions “deplorable” while ordering him to pay more than $114 million in restitution.
Prosecutors said Salander used most of the money he stole in funding a luxurious lifestyle.