Jameela E.
Jan 11, 20222 min
Reported by Jameela E.
This picture was taken from: Art world's 'mini-Madoff' arrested on remote Pacific island for $20M fraud: FBI - ABC7 Los Angeles
Art appeals to just about everyone, but recently one person is taking advantage of potential buyers. Popular art dealer Inigo Philbrick has been sentenced to over 20 years in prison. Driven by greed and desire for money, this man has turned to crime. He was apprehended on Vanuatu, an island in the South Pacific last summer. He initially pleaded not guilty to criminal charges of “wire fraud” and “aggravated identity theft” when he was indicted. On Thursday, Philbrick appeared in ankle chains in Federal District Court in Manhattan and pleaded guilty to wire fraud, acknowledging that he had duped people while conducting business as an art dealer in New York and other art hotspots.
“I knew that my actions were wrong and illegal,” he told Judge Sidney H. Stein. He was denied bail by this same judge, who also agrees with prosecutors that Philbrick could pose a flight risk. He has remained in correctional facilities in Manhattan and Brooklyn since. Now, he has admitted to his crime, and even though “[his] mother also offered to put up her house in Connecticut as bond.” and “[his] fiancée—former reality TV star Victoria Baker-Harber—and her family were also willing to put up additional collateral, including real estate in the Bahamas, and other assets abroad, worth an estimated $2 million.”
Even though others offered so much money and property, Philbrick still needs to “Turn Over More Than $86 Million in Funds Linked to His Crimes”[sic]. One of the largest civil claims against this art dealer was declared by the German investors Fine Art Partners, which had partnered with the dealer to jointly buy and sell blue-chip works of art, which are art works made by widely known artists. Philbrick had begun secretly reselling shares of the works they bought while telling the investment company that it remained the main owner and beneficiary. Will he ever be forgiven for his crimes?
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Jailed Art Dealer Inigo Philbrick Has Pleaded Guilty to Fraud and Will Turn Over More Than $86 Million in Funds Linked to His Crimes