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  1. Wealth
March 26, 2009

NYT: Art dealer charged with stealing $88 million

By Spear's

A noted Upper East Side art dealer has been indicted on charges he stole $88 million from investors and collectors who consigned artwork to him and said they were cheated out of the sale proceeds or never saw the pieces again, according to a person briefed on the case.

From the New York Times:

A noted Upper East Side art dealer has been indicted on charges he stole $88 million from investors and collectors who consigned artwork to him and said they were cheated out of the sale proceeds or never saw the pieces again, according to a person briefed on the case.

The dealer, Lawrence B. Salander, and his business, the Salander-O’Reilly Galleries, were charged by a grand jury with 100 counts including grand larceny, falsifying business records, scheming to defraud, forgery and perjury, according to the person, who declined to be identified because the charges had not been formally announced. A news conference was scheduled for 11:30 a.m. Thursday at the Manhattan District Attorney’s office.

Mr. Salander was arrested at his home in upstate Millbrook, N.Y., on Thursday morning.

To read the full article, visit nytimes.com

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