A sign of the times?
Former tennis champion John McEnroe was duped along with investment firms, art dealers and the Bank of America in a sophisticated $88 million art investment scam revealed in New York on Thursday.
Art dealer Lawrence Salander, 59, was arrested at his New York home on Thursday after he was indicted on 100 counts, including grand larceny and securities fraud, Manhattan District Attorney Robert Morgenthau told a news conference.
Victims of Salander's fraudulent scheme included McEnroe, who invested $2 million for a half share of two paintings, Arshile Gorky's "Pirate I and II," but never recouped the money, authorities said.
Morgenthau said Salander was an art dealer and the former owner of Salander-O'Reilly Galleries. The scheme, which lasted from 1994 to 2007, included luring investors who paid cash in exchange for shares of ownership of works of art.
"He sold artwork not owned by him and kept the money, and lured investment money in fraudulent investment opportunities," Morgenthau said.