Art dealer in New York admits to duping stars
By Basil Katz | China Daily | Updated: 2010-03-20 07:33
NEW YORK - A New York art dealer pleaded guilty on Thursday to engineering a nearly $100 million art investment scam that duped tennis star John McEnroe, actor Robert De Niro and major figures in the art world.
Lawrence Salander, 60, faces six to 18 years in prison and must pay $120 million in restitution to victims under a plea agreement, in which he pleaded guilty to 28 counts of grand larceny in state Supreme Court in New York.
He admitted to an array of schemes, from selling shares of the same work of art to multiple owners to selling artwork and pocketing the proceeds.
Photo
