Thursday, March 26, 2009

New York City Art Dealer Charged In $88 Million Fraud

Lawrence B. Salander, 59, of Millbrook, New York, and the proprietor of New York City-based Salander-O'Reilly Galleries, LLC, was arrested and charged with fraud for allegedly selling artwork and without permission or selling the same artwork more than once, and keeping the cash. Salander's high-end art dealership filed for bankruptcy in 2007 after numerous customers, including high profile individuals including tennis star John McEnroe, publisher Arthur Carter, and actor Robert Di Niro, sought to recover either their art or their funds. Salander-O'Reilly Galleries was shuttered by authorities in October 2007. Meanwhile, Salander, his wife, Jill and their seven children lived in a lavish 9,000 square foot townhouse in Manhattan and an estate up in Duchess County, New York. Prosecutors allege Salander bilked 26 victims between July 1994 and November 2007 out of some $88 million with his scheme. He was charged today with grand larceny, forgery and securities fraud.

Read the story here, here and here.
We note that since 2005, quite a few lawsuits were filed against Salander and his gallery to recover artwork and monies owed for artwork allegedly sold. This guy lived a lavish lifestyle while screwing over all his clients. I say good riddance. What goes around comes around.

No comments: