Last Thursday, the debacle perpetuated by bankrupt Manhattan gallery owner Lawrence Salander culminated in a guilty plea. His $120 million fraud scheme included duping clients such as actor Robert De Niro, tennis star John McEnroe as well as the Philadelphia Museum of Art.
Salander's crimes included selling multiple shares in an artwork (ie., three investors with 50% stakes). He is also accused of not compensating consignors for sold paintings.
Among the dozens of victims was Renaissance Art Investors, taken for $48 million, the purchase price for some 320 Renaissance works.
He could serve a maximum term of six to 18 years prison.