WHAT A HEEL: The Art Of The Steal
Art dealer Lawrence Salander, 61, faces as much as 18 years in prison for grand larceny and other charges stemming from a scheme in which he bilked his A-List clients out of $120 million with phony art investment opportunities and sales of pieces he didn't own, reports The Associated Press:
He sold investors shares in artworks that amounted to more than 100 percent, inflated the prices backers paid to buy in and lied about having lucrative deals lined up to resell the pieces.
Meanwhile, he kept sale proceeds he should have given to artists' families and others who entrusted him with pieces to sell. …
McEnroe lost about $2 million after Salander sold him a half-interest in a painting by the renowned abstract expressionist Arshile Gorky - a work the three-time Wimbledon tennis champion later learned was on someone else's wall, prosecutors said.
Salander, who is bankrupt, hasn't paid restitution to his victims.
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