CROOK ALERT!! --SALANDER-O'REILLY GALLERY CHARGED IN $88 MILLION PONZI SCHEME
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Noted Art Dealer Charged in Ponzi Scam--James Barron in the NYT 3-26-09
The New York Times reported March 26 that Lawrence Salander, noted East Side NYC art dealer, has been indicted in an $88 million Ponzi fraud involving investors and art collectors who consigned paintings to Mr. Salander's posh East Side gallery.
Tennis star John McEnroe, a hedge fund operator and several collectors and artists who have invested in Mr. Salander's gallery and expensive works of art are among those filing suit alleging fraud by Salander. Salander recently filed for bankruptcy and closed his 71st street gallery earlier this year.
There's nothing like a deep recession to bring the roaches out of the woodwork--first AIG, then Madoff and now a longtime New York art dealer.
New York Art Dealer Indicted in $88 Million Fraud
- New York Art Dealer Indicted in Alleged $88 Million Fraud
Lawrence Salander was indicted on 100 counts including grand larceny, scheming to defraud, falsifying business records, forgery and perjury.
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Comments
tnx
I must have missed this show. Thats bunk.
Wow. It would be interesting to read an analysis of the mental processes of some of these people. What possesses someone to do this? Why do they think they are going to get away with it?
Some commenters say that most of them don't start out intending to cheat their investors. They start out with an idea that has at least a shred of plausibility for making money, but when it doesn't the individual starts down a dishonest road of no return gettin in deeper and deeper, to mix metaphors. Then along comes a big recession and the scam becomes unsustainable.
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Thanks! Pretty funny. I haven't seen Guido Sarducci for a long time. Now I know why you're an artist.
Hawkesdream says:
9 months ago
Hello Ralph, it is great to hear the news from America , you tell it so well, Keep up the Crooks alert, look forward to reading them.