Art Advisor Lisa Schiff Sentenced to Prison for $6.5 Million Fraud Scheme

Schiff received a 30-month prison sentence and was ordered to pay over $15 million in financial penalties for defrauding clients over five years.

Lisa Schiff, a Manhattan-based art advisor, misappropriated $6.5 million from clients between 2018 and 2023 to fund her personal expenses and lavish lifestyle.
Schiff deceived at least 12 clients, one artist, the estate of another artist, and one gallery by lying about the status of art transactions and diverting funds intended for purchases or sales.
She confessed to several victims in May 2023 after mounting debts made it impossible to continue concealing her fraudulent activities.
Schiff was sentenced to 30 months in prison, two years of supervised release, and ordered to pay $6.4 million in forfeiture and $9.1 million in restitution.
The FBI’s Art Crime Team played a key role in investigating the scheme, highlighting vulnerabilities in the art advisory industry.