November 30, 2021
Inigo Philbrick, the art dealer who allegedly fleeced collectors, investors and lenders out of more than $20m, then fled to a tropical island, pleaded guilty to federal wire fraud charges in a New York criminal court today. When asked by Judge Stein of New York’s Southern District Court why he committed the crime, Philbrick said “for the money, your honour”.
He misrepresented the ownership of certain works for his benefit, sold shares of works to multiple investors for totals that exceeded 100%, used some of those works to secure loans for himself and forged consignment documents.
Philbrick had a list of international collectors that he duped into investing in blue-chip artists such as Andy Warhol, Jean-Michel Basquiat, Pablo Picasso, and Christopher Wool.
He is scheduled to be sentenced in March and faces a sentence of up to 20 years in prison.
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