Update: Salander Pleads Guilty

The New York Times and other sources are stating that New York City art deal Lawrence Salander has plead guilty in court on Thursday to 29 charges of art fraud in the amount of $120 million. Salander is expected to serve between 6-18 years, and perhaps more depending on how much he is able to repay those involved.  Salander plead guilty to 29 counts of grand larceny and scheming to defraud investors.

The NYT states

As Mr. Salander walked to the defense table in State Supreme Court in Manhattan on Thursday, he was steadied by his lawyer and another man. The lawyer, Charles A. Ross, told the judge, Justice Michael J. Obus, that Mr. Salander had had a stroke recently and had been hospitalized. Later, a prosecutor raised questions about Mr. Salander’s alcohol abuse.

Mr. Salander read an eight-page statement in a raspy voice, admitting to 29 charges of grand larceny and scheming to defraud investors. Among other things, he said he had bilked Mr. McEnroe out of about $2 million and the estate of Mr. De Niro out of more than $1 million.

“I did everything I have described knowingly and intentionally,” Mr. Salander told the judge.

Justice Obus then read each charge, stopping to ask Mr. Salander, “Is that correct?” or “Do you admit to that?”

Mr. Salander responded, “Yes, sir” or “I do.”

Once he had gone through all of the charges, Justice Obus told Mr. Salander: “Obviously, this case involves a great deal of money, and a great deal of pain and loss have been inflicted on the plaintiffs. I am hopeful they will be paid back to the extent it is possible here.”

To read the NYT article, click HERE and for the New York Post article, click HERE.