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CROOK ALERT!! --SALANDER-O'REILLY GALLERY CHARGED IN $88 MILLION PONZI SCHEME

Updated on March 27, 2009
Lawrence Salander
Lawrence Salander
Lawrence Salander, his wife and son. www.nytimes.com
Lawrence Salander, his wife and son. www.nytimes.com

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.

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    • Ralph Deeds profile image
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      Ralph Deeds 8 years ago from Birmingham, Michigan

      Thanks! Pretty funny. I haven't seen Guido Sarducci for a long time. Now I know why you're an artist.

    • profile image

      TheWizardofWhimsy 8 years ago

      <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/MK0ITXBWpHE&hl=en... name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/MK0ITXBWpHE&hl=en... type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>

    • Ralph Deeds profile image
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      Ralph Deeds 8 years ago from Birmingham, Michigan

      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.

    • Tom Rubenoff profile image

      Tom Rubenoff 8 years ago from United States

      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?

    • profile image

      ColdWarBaby 8 years ago

    • GeneriqueMedia profile image

      GeneriqueMedia 8 years ago from Earth

      I must have missed this show. Thats bunk.

    • Ralph Deeds profile image
      Author

      Ralph Deeds 8 years ago from Birmingham, Michigan

      tnx

    • Hawkesdream profile image

      Hawkesdream 8 years ago from Cornwall

      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.