Art Advisor in Prison

Between 2018 and May 2023, Lisa Schiff (LS) executed a scheme to deceive clients of her art advisory firm, Schiff Fine Art (“SFA”), by misappropriating client funds—either profits from selling their artworks or payments made for purchasing art—to cover her personal and business expenses. LS provided guidance to clients on buying and selling art and conducted these transactions on their behalf for a commission. As an art advisor, LS served as a liaison between art galleries, auction houses, and her clients, who were art collectors. Typically, when clients engaged in art transactions, payments were processed through LS' business, SFA. Additionally, when selling artworks for a client, LS frequently managed or controlled the artworks to facilitate the sale. Occasionally, through SFA, LS also sold art on consignment for artists and other galleries. 

Ex-art advisor LS receives 30-month prison sentence for client fraud.

Source: https://www.justice.gov/usao-sdny/pr/former-art-advisor-lisa-schiff-sentenced-30-months-prison-defrauding-clients