Image via: NYTimes
Dealer Lawrence B. Salander had a really bad day Thursday. I report his arrest for Art in America.
Detained at 7:45 a.m., the Old Master dealer Lawrence B. Salander, along with Salander-O'Reilly Galleries, founded in 1976, were served with a 100-count indictment for stealing $88 million from over two dozen investors and clients.
The arrest represents the latest legal proceedings since the forced closing and bankruptcy of the East Side Gallery in October 2007. Manhattan District Attorney Robert M. Morgenthau released a detailed report yesterday, listing charges that include multiple counts of grand larceny, securities fraud, and falsifying business records. It also described the two primary methods Salander used to steal: he sold artwork not owned by him and kept the money; and lured investment money in fraudulent investment opportunities.
Amongst the more high profile personalities affected by Salander's schemes, was tennis star, John McEnroe, who is allegedly out $2 million…
Read the full post here.