Lisa Schiff, a Manhattan art adviser, was sentenced to 30 months in federal prison after stealing $6.5 million from her clients under false pretenses. For years, she diverted money intended for art purchases to support a lavish lifestyle while pretending to be a trustworthy adviser. The scheme, which lasted from 2018 until her confession in 2023, involved a betrayal of trust that shocked the art community. Schiff's actions not only led to her conviction but also raised concerns about ethics in the largely unregulated art advisory sector.
Lisa Schiff, who stole $6.5 million from clients for a lavish lifestyle, was sentenced to two and a half years in federal prison for her actions.
The fraud started in 2018, where Schiff diverted client funds intended for art purchases to personal expenses while maintaining an image of an ethical adviser.
Ms. Schiff’s betrayal created an enormous impact on the art world, shaking the foundations of trust in art advising and client relationships.
Acting U.S. attorney Matthew Podolsky stated that Schiff's lies and the subsequent art advisory scam will lead her to serve a substantial prison sentence.
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