Lisa Schiff beforehand pleaded responsible to wire fraud in October, admitting that she defrauded shoppers of her artwork advisory enterprise, Schiff Advantageous Artwork.
A New York artwork adviser who as soon as counted Oscar-winning actor Leonardo DiCaprio amongst her rich patrons was sentenced Wednesday to 30 months in federal jail after admitting to dishonest shoppers out of $6.5 million in reference to the sale of 55 artworks.
Lisa Schiff sobbed as she turned to her former buddies and shoppers seated behind her in Manhattan federal courtroom and apologized to them by identify.
“I stand right here as a legal who damage shoppers, colleagues, and buddies,” the 54-year-old Manhattan resident mentioned, calling herself a “coward” for hiding her deceit and “dwelling lavishly” off cash stolen from individuals who had “liked and trusted” her.
The lavish life-style included a $25,000-a-month condominium, a $2 million area for her enterprise and grand journeys to Europe, full with buying sprees at designer boutiques and stays at luxurious lodges.
“I’m a responsible individual and I’m ready to face my punishment,” Schiff mentioned tearfully. “I’m scared, however I’m prepared.”
Schiff is to report back to jail on 1 July.
Prosecutors say amongst these she swindled have been 12 shoppers, an artist, the property of one other artist and an artwork gallery.
One in all Schiff’s victims, Michael Barasch, instructed the courtroom that his household had embraced her as one in all their very own, inviting her to household gatherings and vacation events.
“Your disgraceful conduct goes effectively past stolen cash,“ he mentioned. “You broke my spouse’s coronary heart. You have been her greatest buddy, or so she thought.”
Barasch estimated that Schiff’s victims stand to lose as a lot as $10 million when contemplating the prices of attorneys and different consultants they’ve employed to attempt to recoup a few of their losses via litigation.
“We’ll be fortunate to get 5 cents on the greenback. No sufferer will ever be made entire,” he mentioned. “Disgrace on you.”
Decide J. Paul Oetken, in handing down the sentence, referred to as Schiff’s crimes “fairly brazen,” noting her fraud continued for roughly 5 years and concerned greater than a dozen shoppers.
Schiff additionally was sentenced to 2 years of supervised launch, ordered to pay forfeiture of practically $6.5 million and restitution of greater than $9 million.
Wire fraud carries a sentence of as much as 20 years in jail, however, as a part of Schiff’s plea deal, prosecutors beneficial a sentence of round 3 1/2 to 4 1/4 years behind bars.
