Image of Lisa Schiff
Once a prominent art adviser, Lisa Schiff, has now pleaded guilty to wire fraud in a New York court on Thursday, admitting to defrauding clients out of millions! She faces two lawsuits from collectors, including one for $1.8 million related to a painting sale and another claiming she misused $6.6 million intended for art purchases.
In January, Schiff filed for bankruptcy, reportedly owing nearly $7 million to various entities. U.S. Attorney Damian Williams stated she misappropriated client funds to support a lavish lifestyle. Schiff has agreed to forfeit $6.4 million, with sentencing set for January, facing a maximum of 20 years in prison. This jail sentance is highly unlikely for a white color crime.
It's hard to believe Lisa was once a leading figure in the art world with alist clients like Leonardo DiCaprio and has fallen to this level of disgrace. Schiff's firm, SFA Advisory, has closed, and artworks are being auctioned, including pieces estimated to be worth $2 million at Phillips next month. Her lawyer, Randy Zelin, emphasized that this marks the start of Schiff’s journey toward making amends.
Lisa Schiff will likely try to rebuild her reputation in the art world post-sentencing, but regaining trust should be difficult. If she returns, it would likely involve smaller projects to demonstrate integrity. A full comeback to her previous prominence seems unlikely, nevertheless, it's best to stay clear of Lisa Schiff.
- J.Larson
No comments:
Post a Comment