Art Adviser Lisa Schiff Pleads Guilty to Wire Fraud Charges

Art Adviser Lisa Schiff Pleads Guilty to Wire Fraud

A prominent art adviser, Lisa Schiff, whose clientele has included Hollywood star Leonardo DiCaprio, has entered a guilty plea in federal court in Manhattan on Thursday. She was charged with one count of wire fraud for misappropriating a staggering $6.5 million from clients who relied on her expertise to procure valuable artworks.

The 54-year-old Schiff, recognized for her keen eye in the contemporary art scene, built a successful career by acquiring high-value pieces for a diverse range of major collectors. However, federal prosecutors accused her of diverting funds that clients had entrusted to her for the purchase of approximately 55 artworks. In conjunction with her plea agreement, Ms. Schiff is set to forfeit around $6.4 million.

The felony charge of fraud holds a maximum penalty of 20 years in prison, and Ms. Schiff is expected to find out her sentencing details on January 17. U.S. Attorney for the Southern District of New York, Damian Williams, stated in a press release, “For years, Lisa Schiff breached the trust of her art advisory clients by lying to them and diverting millions of dollars they had entrusted to her. Instead of using client funds as promised, Schiff used the stolen money to fund a lavish lifestyle.”

Schiff’s attorney, Randy Zelin, mentioned that the plea agreement had been in negotiation for several months. He expressed that, “Lisa has been anxious to have the opportunity to accept responsibility, and she is looking forward to embarking on a path of righting the wrongs and making amends.”

Based in Manhattan, Schiff is now preparing for her sentencing, which will take place before Judge J. Paul Oetken of the U.S. District Court in Manhattan. Zelin added, “The specter of standing in front of a judge and acknowledging criminal wrongdoing, along with the prospect of a prison sentence, is an extraordinarily daunting thing. However, that is a challenge that Lisa ran to, not away from.”

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