MANHATTAN (CN) – Upper East Side art dealer Lawrence B. Salander has been indicted on charges he bilked clients, including actor Robert De Niro, out of $88 million by fraudulently disposing of artwork. A grand jury charged Salander and his business, Salander-O’Reilly Galleries, with 100 counts, including grand larceny, falsifying business records, forgery and perjury.
Some investors called Salander’s gallery “nothing more than a Ponzi scheme,” The New York Times reported.
Salander was arrested Thursday morning at his home in upstate Millbrook, N.Y.
His gallery reportedly displayed a wide array of artwork and touted having been named the best gallery in the world in 2003 by The Robb Report.
It filed for bankruptcy 17 months before the indictment, amid a slew of lawsuits accusing Salander of fraud.