Art Dealer, Lawrence Salander Plead guilty on Thursday to a $120 million Fraud Scheme that Deceived the likes of many celebrities. For More information regarding the fraud caused by Mr. Salander, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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A once-outstanding art dealer named Lawrence B. Salander, pleaded guilty on Thursday to a $120 million fraud scheme, admitting he sold paintings he did not own and at least once sold fractional shares of a painting that added up to more than 100 percent.
“I am deeply ashamed and sorry for my actions,” the dealer, 60, said after acknowledging that he had defrauded clients including the tennis star John McEnroe; Roy Lennox, a hedge fund manager; and Earl Davis, the son of the painter Stuart Davis
Mr. Salander read an eight-page statement in a raspy voice, admitting to 29 charges of grand larceny and scheming to defraud investors. Among other things, he said he had bilked Mr. McEnroe out of about $2 million and the estate of Mr. Robert De Niro out of more than $1 million.
“I did everything I have described knowingly and intentionally,” Mr. Salander told the judge.
Justice Obus then read each charge, stopping to ask Mr. Salander, “Is that correct?” or “Do you admit to that?”
Mr. Salander responded, “Yes, sir” or “I do.”
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