Lisa Schiff admits to embezzling millions from high-profile art collectors who relied on her to purchase trendy artworks.
Lisa Schiff, a prominent art adviser known for her work with high-profile clients like Leonardo DiCaprio, recently pleaded guilty to wire fraud in federal court in Manhattan. The charges stemmed from her alleged theft of $6.5 million from clients who had trusted her to purchase art on their behalf.
Federal prosecutors accused Schiff of misappropriating funds that were intended for the acquisition of approximately 55 artworks. As part of her plea agreement, she agreed to forfeit around $6.4 million. The wire fraud charge carries a maximum penalty of 20 years in prison, and Schiff will await her sentencing to learn the extent of her punishment.
U.S. Attorney Damian Williams condemned Schiff’s actions, stating that she had betrayed the trust of her clients by deceiving them and using their money to support a lavish lifestyle. Schiff’s defense attorney, Randy Zelin, indicated that the plea agreement had been under negotiation for some time and that Schiff was eager to take responsibility for her actions and make amends.
Schiff, who is based in Manhattan, is scheduled to be sentenced on January 17 by Judge J. Paul Oetken in the U.S. District Court in Manhattan. Zelin acknowledged the gravity of the situation, noting that facing criminal charges and the possibility of incarceration was a daunting prospect for Schiff, but she was committed to accepting the consequences of her actions.
The case involving Lisa Schiff serves as a cautionary tale about the importance of trust and transparency in the art world, particularly when dealing with financial transactions and valuable assets. Clients should exercise due diligence when selecting art advisers and ensure that proper safeguards are in place to protect their interests.
Source: The NY Times
