N.Y. Art Dealer Accused of $88M Fraud

A former New York art dealer is now included among an elite group of alleged white-collar master manipulators recently accused of defrauding others of monster sums.

Lawrence Salander was arrested today pursuant to a 100-count state-court indictment that charges him with stealing $88 million from investors, artists and collectors (including tennis star John McEnroe), reports the New York Times. The transactions at issue date back to 1994.

“Why sell it once when you can sell it three times?” said Manhattan District Attorney Robert Morgenthau during a press conference called to announce the case against Salander. He is accused of grand larceny, falsifying business records, scheming to defraud investors, forging documents and perjury.

Salander allegedly stole to support a lavish lifestyle, according to Morgenthau. However, his lawyer, Charles Ross, says Salander is pleading not guilty to all charges.

He is presently being held in lieu of $1 million bail.

Related coverage:

ABAJournal.com: "Big Salander Bankruptcy: $50M, Art at Stake"