Gallery Owner - $88M Art Theft

The Star.com reports that the owner of a now-closed Manhattan art gallery with a star-studded clientele was painted as a thief who stole $88 million from art owners, a bank and investors, including tennis great John McEnroe. Lawrence B. Salander used the money to try to corner the Renaissance art market and to support an extravagant lifestyle that included private jet travel, a lavish party for his wife at New York's Frick Collection museum, and the purchase and maintenance of his Manhattan town house and a 66-acre estate, Manhattan District Attorney Robert Morgenthau said. Morgenthau said Salander defrauded a total of 26 victims in two primary ways: In one, he sold art work not owned by him and kept the money. The district attorney said Salander sometimes sold a piece of art owned by someone else several times. In the other, Morgenthau said, Salander lured investors into bogus or nonexistent "ghost" investment opportunities. He said this was the scheme Salander used to bilk McEnroe out of more than $2 million. He was arraigned in Manhattan's state Supreme Court and held on $1 million bail. Justice Michael Obus set April 8 as his next court date. Salander faces up to 25 years in prison if convicted of first-degree grand larceny. Defence attorney Charles Ross said he expected Salander to make bail and be released by Friday. He said his client "pleaded not guilty to every charge and we're going to vigorously defend against every allegation in court." (For full source and full article click the Headline). Irish Art