NY Art Dealer Gets 18 Years For $120M Fraud

Law360, New York (August 3, 2010, 7:05 PM EDT) -- A former Manhattan art gallery owner was sentenced Tuesday to as long as 18 years in prison for his role in a long-running scheme that swindled investors and art dealers out of $120 million.

Lawrence B. Salander, former co-owner of the defunct Salander-O’Reilly Galleries LLC, was also ordered to pay $120 million in restitution to his victims, according to the New York County district attorney’s office.

Salander pled guilty in March to stealing millions of dollars in artwork and luring investors into sham investments.

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