Art Adviser Lisa Schiff Pleads Guilty to $6.5 Million Fraud

Schiff admits to defrauding clients to fund a lavish lifestyle, facing a potential prison sentence.

Lisa Schiff, a once-prominent art adviser, pleaded guilty to wire fraud, admitting to defrauding clients of $6.5 million.
Schiff diverted funds from art sales and purchases to cover personal and business expenses from 2018 to 2023.
Her fraudulent activities included selling clients' artworks without their knowledge and failing to purchase art as promised.
Schiff's sentencing is scheduled for January 17, 2025, with a plea deal recommending 3.5 to 4.25 years in prison.
The case highlights the Southern District of New York's commitment to prosecuting fraud in the art market.