A Manhattan art adviser, known for working with Leonardo DiCaprio and other celebrities, admitted to wire fraud on Thursday. Lisa Schiff, 54, confessed to stealing $6.5 million from over a dozen clients over a five-year period.
Instead of taking commissions, Schiff kept entire profits from art sales, deceiving clients about the transactions. She used the stolen money for personal and business expenses, and to cover substantial debts, as stated by Manhattan federal prosecutors.
Schiff’s fraudulent activities involved 55 artworks between 2018 and May 2023, according to the US Attorney’s Office for the Southern District of New York. She defrauded at least twelve clients, one artist, the estate of another artist, and a gallery, amassing $6.5 million.
Lisa Schiff was a high-profile New York art adviser who abruptly shut down dealings amid allegations she was running “a Ponzi scheme.”
Today, Schiff pleaded guilty to a $6.5m fraud, using stolen money from the rich or famous to fund her lavish lifestyle: https://t.co/8avSCSMAg3 pic.twitter.com/mKM8AFtnfH— Alphonso Van Marsh (@AlphonsoVM) October 17, 2024
US Attorney Damian Williams highlighted that Schiff used the funds for a lavish lifestyle. Lawyers for her victims mentioned in a Manhattan bankruptcy court filing that she spent the stolen money on luxuries such as a $25,000-a-month apartment, European shopping sprees, and a vacation in Greece, including a villa, yacht, and helicopter.
Schiff made her guilty plea in Manhattan federal court and consented to forfeit $6.4 million. Sentencing, overseen by Judge J. Paul Oetken, is scheduled for January 17. Prosecutors plan to recommend a prison term between 3.5 and 4.25 years, although wire fraud carries a maximum sentence of 20 years.
Her lawyer, Randy Zelin, stated that Schiff is remorseful and aims to demonstrate her acceptance of responsibility. He added that she is humbled and intends to rectify her wrongdoings.
Schiff Fine Art, her advisory business, acted as an intermediary between art galleries, auction houses, and collectors. She lied to galleries about purchasing art with clients’ money, falsely attributing payment delays to her clients while misappropriating the funds. Eventually, mounting debts exposed her scheme, leading her to confess to several clients.
Schiff also faces civil suits from clients like real-estate heiress Candace Carmel Barasch and her husband, Manhattan lawyer Michael Barasch.
What Other Media Are Saying
- Law360 reports that Lisa Schiff, a high-profile New York art adviser, pleaded guilty to defrauding clients of $6.5 million, highlighting her lavish lifestyle and deceitful actions.(read more)
- The Art Newspaper covers international art news and events, focusing on contemporary art, exhibitions, and market trends with a global perspective, highlighting major events and artistic innovations.(read more)
Frequently Asked Questions
Here are some common questions asked about this news
Who is Lisa Schiff?
Lisa Schiff is a Manhattan art adviser known for working with celebrities like Leonardo DiCaprio.
What crime did Lisa Schiff commit?
Lisa Schiff admitted to wire fraud, stealing $6.5 million from over a dozen clients.
How did Lisa Schiff deceive her clients?
She kept entire profits from art sales, lying about the transactions and using the funds for personal expenses.
What kind of lifestyle did Schiff lead with the stolen money?
She spent it on luxuries like a $25,000-a-month apartment, European shopping sprees, and a vacation in Greece.
What are the potential consequences for Lisa Schiff?
She could face a prison term between 3.5 and 4.25 years, with sentencing scheduled for January 17.
