Art adviser Lisa Schiff, previously known for serving wealthy clients including actor Leonardo DiCaprio, was sentenced to 30 months in federal prison for defrauding clients of $6.5 million in connection with the sale of 55 art pieces. Sobbing in court, Schiff apologized to her former friends and clients for deceiving and betraying their trust. She acknowledged her wrongdoing, expressing remorse for living luxuriously with stolen money. Schiff is set to begin her prison term on July 1.
One victim, Michael Barasch, lamented the emotional toll of Schiff’s actions on his family, stating that they viewed her as a close friend. He emphasized that the financial losses incurred by Schiff’s victims, along with legal fees, would likely never be fully recovered. The judge characterized Schiff’s crimes as audacious, spanning five years and affecting numerous clients. Despite recognizing positive aspects of her character, such as being a caring mother, the judge condemned her fraudulent behavior.
In addition to the prison sentence, Schiff was ordered to pay restitution and forfeiture totaling over $15 million and will serve two years of supervised release. Prosecutors revealed that Schiff used her clients’ funds to support an extravagant lifestyle, including luxurious accommodations and extravagant vacations. Ultimately, Schiff confessed to her clients after accumulating substantial debts, leading to her prosecution for wire fraud. DiCaprio was among the victims of Schiff’s scheme, which defrauded numerous clients, an artist, an artist’s estate, and an art gallery.
While wire fraud carries a maximum sentence of 20 years, prosecutors recommended a term of approximately 3 1/2 to 4 1/4 years under Schiff’s plea agreement. In court, the prosecution emphasized the extensive harm caused by Schiff’s actions, urging the judge to consider the impact on the victims who suffered significant losses.
She confessed to her crimes only when it was evident they would be exposed to the public eye. “She had come to a juncture where she could no longer perpetuate the deception,” Vogel remarked. According to Schiff’s attorney, Randy Zelin, his client has fully assisted “in every conceivable aspect” of the criminal inquiry and endeavors to reclaim some of the embezzled funds. “My client cannot reverse what transpired,” he stated. “She can acknowledge her responsibility. She can be profoundly affected by it. However, the most she can do is progress.”___For updates, follow Philip Marcelo on Twitter: twitter.com/philmarcelo.
