Lisa Schiff acknowledges stealing millions from major collectors who trusted her to buy them fashionable art.
A leading art adviser whose clients have included Leonardo DiCaprio, and who was accused by the government of bilking her clients of millions, pleaded guilty on Thursday in federal court in Manhattan to one count of wire fraud, for stealing $6.5 million from people who trusted her to buy art for them.
The adviser, Lisa Schiff, 54, whose eye for contemporary art launched a lucrative career acquiring blue-chip pieces for a host of major collectors, was accused by federal prosecutors of stealing money that clients had entrusted to her for the purchase of approximately 55 artworks. As part of the plea agreement, Ms. Schiff will forfeit about $6.4 million. The felony fraud charge also carries a maximum penalty of 20 years in prison.
“For years, Lisa Schiff breached the trust of her art advisory clients by lying to them and diverting millions of dollars her clients had entrusted to her,” Damian Williams, the U.S. attorney for the Southern District of New York, said in a statement. “Instead of using client funds as promised, Schiff used the stolen money to fund a lavish lifestyle.”
Her lawyer, Randy Zelin, said the plea agreement had been in the works for several months. “Lisa has been anxious to have the opportunity to accept responsibility, she has been anxious to set out on a path of righting the wrongs and making amends,” he said in an interview on Thursday.
Ms. Schiff, who is based in Manhattan, will be sentenced on Jan. 17 by J. Paul Oetken, a judge for the U.S. District Court in Manhattan.
“The specter of standing in front of a judge and acknowledging criminal wrongdoing, and acknowledging the prospect of a prison sentence, is an extraordinarily daunting thing,” Mr. Zelin added. “But that is a fire that Lisa ran to, not away from.”
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