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16/09/2013

New York art dealer pleads guilty to selling fakes

A Manhattan art dealer pleaded guilty to selling more than $30 million in fake works purportedly created by Mark Rothko, Jackson Pollock, Willem de Kooning and other renowned 20th century artists.

Glafira Rosales pleaded guilty to nine counts of conspiracy, wire fraud, money laundering and tax crimes in a hearing today in Manhattan federal court.

Rosales admitted to U.S. District Katherine Polk Failla that from 1994 to 2009 she helped sell more than 60 phony artworks to at least two galleries and hide the proceeds in offshore bank accounts.

Rosales faces as long as 20 years in prison on the most serious charges of wire fraud and money laundering. She reached a plea agreement with the government so that she can try to get leniency.

Rosales agreed to pay as much as $81 million in restitution to victims of the scheme, Failla said. She also agreed to forfeit cash, artwork and real estate in Sands Point, New York. Failla told Rosales, a citizen of Mexico who was naturalized in the U.S. in 2009, that she may lose her U.S. citizenship as a result of her guilty plea.

 

Source; Bloomberg


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