Art Adviser Lisa Schiff Pleads Guilty to Fraud

Lisa Schiff, a prominent New York art adviser previously associated with celebrities like Leonardo DiCaprio, pleaded guilty to wire fraud for stealing $6.5 million from various clients over five years. Prosecutors revealed that Schiff misled clients about art transactions, pocketing profits instead of paying them or purchasing promised artworks, and used the misappropriated funds to support a lavish lifestyle. Her fraudulent activities, which included diverting money intended for art purchases to cover personal debts and expenses, affected at least 12 clients and involved approximately 55 artworks. As part of her plea deal, Schiff agreed to forfeit $6.4 million and faces a recommended sentence of 3.5 to 4.25 years in prison, although the maximum penalty for wire fraud is 20 years. Schiff's actions led to multiple lawsuits and a bankruptcy filing, highlighting a severe breach of trust in the art advisory business. Sentencing is scheduled for January 17, 2024.