NYC Art Dealer Charged With $88M Fraud

By Nick McMaster, Newser Staff

Posted Mar 26, 2009 2:51 PM CDT

(Newser) – A New York art dealer was charged today with stealing $88 million in investments and artwork in what may be an art-world Ponzi scheme, the Times reports. Investors and collectors say they entrusted Lawrence Salander with funds or artwork after the dealer promised hefty returns.... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

1 comment

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

'Serpent Pastor' Dies of Snake Bite

Miami Face-Eater Identified

New York Times (Source Grid »)

Salander sold the same painting more than once, prosecutors say
New York Daily News

Tennis star John McEnroe among those duped by Salander
Reuters

Crime & Courts • Lifestyle • Money

fraud • New York • art • lawsuit • Old Masters • Ponzi scheme • art dealer

More Newser Stories

'Painter of Light' Busted on DUI Suspicion

Bankrupt Thomas Kinkade impaired but 'very polite': cops

(NEWSER) - "Painter of Light" Thomas Kinkade was arrested Friday on suspicion of DUI after being pulled over near his California home. Kinkade is having a rough month, Scripps Howard notes—his company has filed for bankruptcy in the wake of a multimillion-dollar federal fraud claim against him. "Tom is still painting and the business is still strong," says a rep. More»

Madoff Colleague Found Dead in Swimming Pool

Jeffry Picower faced Ponzi scheme lawsuit

(NEWSER) - Philanthropist Jeffry Picower, who allegedly reaped billions of dollars from longtime friend Bernard Madoff's Ponzi schemes, was found dead today at the bottom of his Florida swimming pool. Efforts to revive him failed, and his death was ruled a drowning, police said. Picower, 67, wife Barbara, and their foundation were among the defendants in a lawsuit brought by the trustee liquidating Madoff's assets, the Palm Beach Post reports. More»

Trustee Sues Ruth Madoff for $44M

Bankruptcy trustee says fraudster's wife received more than she'll admit to

(NEWSER) - The trustee in the Bernie Madoff case sued the swindler's wife today to demand the return of $44 million to bilked investors, Newsday reports. The complaint doesn't allege criminal activity by Ruth Madoff but says she directly received funds from her husband’s multi-billion-dollar Ponzi scheme. Ruth Madoff gave up all but $2.5 million of her assets in a forfeiture deal last month, but she's not protected from lawsuits. More»

Madoff Moved to NC Prison

With transfer, con man begins his 150-year sentence

(NEWSER) - Bernard Madoff was transferred today from Manhattan’s Metropolitan Correctional Center to a prison in Butner, NC, to serve out his 150-year sentence, sources tell CNBC. Madoff’s attorney had requested that the 71-year-old convicted Ponzi schemer do his time at Otisville in upstate New York. The prison system tries to place inmates within 500 miles of family; the Butner facility is just within that distance from New York. More»

Madoff's Money Man Sells Rothkos for $310M

Merkin unloads art, but buyer's identity a mystery

(NEWSER) - Ezra Merkin, the financier who pumped billions of his clients' money into Bernie Madoff's Ponzi scheme, is selling more than 10 paintings by Mark Rothko and two sculptures by Alberto Giacometti for $310 million, reports the Wall Street Journal. Some of the proceeds may go to his defrauded investors, who include charities and nonprofits. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

NYC Art Dealer Charged With $88M Fraud

fraud • New York • art • lawsuit • Old Masters • Ponzi scheme • art dealer

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

'Painter of Light' Busted on DUI Suspicion

Bankrupt Thomas Kinkade impaired but 'very polite': cops

Madoff Colleague Found Dead in Swimming Pool

Jeffry Picower faced Ponzi scheme lawsuit

Trustee Sues Ruth Madoff for $44M

Bankruptcy trustee says fraudster's wife received more than she'll admit to

Madoff Moved to NC Prison

With transfer, con man begins his 150-year sentence

Madoff's Money Man Sells Rothkos for $310M

Merkin unloads art, but buyer's identity a mystery

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?