"I only gave a fair price to masterworks which were clearly under-evaluated and predicted the continuous rise of a niche market. But, the state decided to destroy my company to get hold of the treasures I had found all around the world."
"The company was said to be a "trap for its clients"."
"He described his system as "completely legal"."
Gérard Lhéritier was found guilty of gang fraud and sentenced to five years in prison, with the court ordering him held in jail pending appeal. Aristophil collected more than €850m over twelve years from 18,000 small investors before collapsing after Lhéritier's 2015 arrest and asset seizures; the company was liquidated and its 135,000-item collection auctioned for €105m. The court characterized Aristophil as a Ponzi scheme that lured clients by promising an 8% annual return while clients recovered about 12% of their investments on average. Five associates received suspended sentences of one to two years.
Read at The Art Newspaper - International art news and events
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