NY art dealer admits her role in a multi-million dollar scam

  • An art dealer admitted to making about $30M by selling works painted by a Chinese living in Queens and claiming the works were actually by 20th-century artists such as Mark Rothko and Jackson Pollock. The Chinese immigrant hasn't been named or charged but the dealer Glafira Rosales pleaded guilty of the 15-year old deal, worth a total of $80M. 

    Rosales could be charged with up to 99 years in prison but the decision won't be made until March. She pleaded guilty to the nine charges, including money laundering and and wire fraud. Her boyfriend, too was implicated but hasn't been charged yet. After pleading guilty and has agreed to pay $81M to victims of this scheme

    Reports suggest that some of the paintings were sold by an anonymous Swiss client while Rosales claimed that some others were also sold by a Spanish collector. 

    Tagged as: art dealer, art fraud, money laundering, famous painters, 20th century works, money news, business news