Lisa Schiff, an art adviser with celebrity clientele, was sentenced to 2.5 years in prison for defrauding clients out of nearly $6.5 million over five years. Through her firm, she misappropriated funds meant for art purchases, using them instead for lavish personal expenses like high-end rentals, vacations, and shopping sprees. Prosecutors noted her deceit involved lying to clients and galleries to maintain her scheme. This exploitation of trust resulted in significant financial losses for several victims, including artists and galleries.
"For five years, Lisa Schiff breached the trust of her art advisory clients by diverting millions of dollars to pay her own business and personal expenses, and to fund a lavish lifestyle."
"She had to lie to clients and galleries to keep the con going, for example claiming she hadn't sold a certain piece of artwork yet when she actually had..."
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