A New York-based art consultant, whose list of high-profile clientele previously included Academy Award winner Leonardo DiCaprio, received a sentence of 25 months in federal prison on Wednesday. She pleaded guilty to defrauding clients of $6.5 million related to the sale of 55 artworks.
Lisa Schiff cried as she faced her ex-friends and clientele sitting behind her in the Manhattan federal courthouse and offered individual apologies to each of them.
"I am standing here as a criminal who harmed clients, colleagues, and friends," stated the 54-year-old resident of Manhattan, referring to herself as a "coward" for concealing her deception and enjoying an extravagant lifestyle funded by the money she stole from individuals who had "loved and trusted" her.
The extravagant life encompassed a $25,000-per-month penthouse, a $2 million office for her enterprise, and luxurious excursions to Europe featuring indulgent shopping at high-end stores as well as opulent accommodations in top-tier hotels.
I am a guilty individual and I am willing to accept my punishment," Schiff said with tears in his eyes. "Although I am afraid, I am prepared.
Schiff must appear at prison on July 1st.
According to prosecutors, the victims included 12 clients, an artist, the estate of yet another artist, as well as an art gallery.
Michael Barasch, one of Schiff's targets, stated in court that his family welcomed her into their fold, including her in family get-togethers and celebrations during holidays.
He stated, 'Your shameful behavior far surpasses theft. You shattered my wife's heart. She considered you her closest confidant.'
Barasch suggested that Schiff’s victims could end up losing approximately $10 million once the expenses for attorneys and various specialists they have brought in to attempt recovering some of their losses through legal action are taken into account.
We might consider ourselves fortunate to receive five cents for every dollar," he stated. "No victim will ever be fully compensated." He added, "Shame on you.
Judge J. Paul Oetken, when delivering the verdict, described Schiff’s offenses as "extremely blatant," highlighting that her fraudulent activities continued unabated for about half a decade and affected over a dozen victims.
Schiff was additionally handed a two-year term of supervised release, required to forfeit almost $6.5 million, and mandated to pay over $9 million in restitution.
Wire fraud can result in a prison term of up to 20 years; however, under the terms of Schiff’s plea agreement, prosecutors suggested a sentence ranging from approximately 3 1/2 to 4 1/4 years in custody.
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