Former gallery owner Lawrence Salander, who faced 100 counts including grand larceny for his art world scams, is pleading guilty to his $120 million fraud. He accepted the deal "in exchange for a promise of no more than 6 to 18 years behind bars."
Salander once showcased and sold art from an Upper East Side townhouse, but, in 2007, he was accused of selling works without the owners' permission, reneging on millions in debts and more. One duped investor was tennis great John McEnroe: "In his simplest scam, as with McEnroe -- a longtime friend and godfather to one of Salander's seven kids -- he'd sell interests in the same painting multiple times, prosecutors charged." McEnroe invested $2 million in two paintings but then found out he, Salander and a third person "all owned a '50 percent share" in them—the ol' 150% scheme!
Salander said, “I am deeply ashamed and sorry for my actions," and his sentence will depend on how much of the $120 million he can pay back. His lawyer said, "This is a good result for him, and for the people whom he is deeply remorseful and sorry about hurting." Still, the Post reports that the lead prosecutor attempted to have the judge require that he stop drinking until his sentencing.
