Lisa Schiff, an art adviser, admitted to stealing $6.5 million from clients, using the money for personal luxuries instead of promised art investments. This scheme lasted five years.
US Attorney Damian Williams stated, 'Instead of using client funds as promised, Schiff used the stolen money to fund a lavish lifestyle,' outlining her misuse of client investments.
Victim lawyers claimed Schiff treated client funds as 'her personal piggy bank,' living extravagantly with purchases like a $25,000/month apartment and luxury vacations.
Schiff pleaded guilty to wire fraud and agreed to forfeit $6.4 million, with a proposed sentence ranging from 3.5 to 4.25 years despite a maximum of 20 years.
Collection
[
|
...
]