UK Art Dealer Indicted in $50 Million Money-Laundering Scheme

Picasso, Personnage, 1965,
Picasso, Personnage, 1965,

U.S. prosecutors contend that a $50 million international stock-manipulation scam went bust when an undercover FBI agent was offered a Picasso to launder illicit profits.

Six people and four companies have been named in the indictment handed down in Brooklyn, New York, on Monday.

“The defendants engaged in an elaborate multi-year scheme to defraud the investing public of millions of dollars through deceit and manipulative stock trading, and then worked to launder the fraudulent proceeds through off-shore bank accounts and the art world,” U.S. Attorney Richard Donoghue in Brooklyn said in a statement.

The Picasso painting, Personnage, 1965, was to be sold for $6.7 million pounds ($9.2 million) as part of the money laundering scheme. The suit alleges that British art dealer Matthew Green, the owner of Mayfair Fine Art, was arranging the sale with an undercover FBI agent. Green is now being detained in the U.S. He is the son of prominent art dealer Richard Green.

More News Feed Headlines

Screenshot of Yusaku Maezawa’s “Dear Moon” website.

Japanese Billionaire Art Collector Will Invite Artists With Him to the Moon on Elon Musk's Rocket

  • September 18, 2018 12:02

In a press conference on Monday, the identity of the first lunar tourist was unveiled as Japanese ...

Read More

Leonardo DiCaprio in 2014

Leonardo DiCaprio Foundation Art Auction Raises $11 Million for Environmental Causes

  • September 16, 2018 23:23

Actor Leonardo DiCaprio's annual art benefit auction was held Sept. 15 in Sonoma County, Calif. ...

Read More

Sean Scully’s acclaimed Landline series makes its U.S.  debut at the Hirshhorn Museum and Sculpture Garden this fall.  Sean Scully, Landline Bend Triptych, 2017.  Oil on aluminum.  Three panels, each 85 × 75 in.  (215.9 × 190.5 cm).  Private collection.

Master of Color and Composition, Abstract Artist Sean Scully Spotlighted in Major Exhibitions

  • September 11, 2018 17:54

‘I have spent my life making the melancholic into something irresistible. Because the world has ...

Read More

Glenstone

Glenstone Museum Foundation Sued by Contractor for $24 Million

  • September 09, 2018 17:53

The Glenstone Foundation in Potomac, Maryland, a museum that houses a top-tier post-war and ...

Read More

Related Press Releases

Related Events from ArtfixDaily Calendar

 

ArtfixDaily Artwire