Manhattan art adviser Lisa Schiff, known for working with celebrities like Leonardo DiCaprio, has pleaded guilty to wire fraud after admitting to stealing $6.5 million from over a dozen clients over a five-year period. The 54-year-old pocketed full profits from art sales instead of taking commissions, using the money to finance a luxurious lifestyle and pay off debts. Prosecutors revealed that Schiff’s fraud scheme involved 55 artworks and spanned from 2018 to 2023, cheating clients, artists, and galleries out of millions of dollars.
Schiff’s guilty plea comes with an agreement to forfeit $6.4 million, and she is set to be sentenced in January. Despite facing a maximum prison sentence of 20 years for wire fraud, prosecutors are recommending a term between 3.5 and 4.25 years. Her lawyer has stated that Schiff is remorseful and will work to make amends for her actions.
Schiff’s art advisory business, Schiff Fine Art, acted as an intermediary between galleries and collectors. Prosecutors noted that she would deceive galleries by blaming payment delays on clients, when in reality, she had kept the funds for herself. Eventually, the scheme unraveled when she could no longer conceal her actions, leading to confessions to clients about the stolen money.
In addition to legal consequences, Schiff has faced civil suits from clients, including real-estate heiress Candace Carmel Barasch and her husband Michael Barasch. Despite the mounting legal issues, Schiff is now working to show that she is taking responsibility for her actions and is prepared to make amends.
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