NEW YORK — A wealthy client of the New York art advisor who used to work with Leonardo DiCaprio was given 30 months in federal jail on Wednesday after admitting to stealing $6.5 million from clients in the sale of 55 works of art.
Lisa Schiff cried as she turned to the former clients and friends sitting behind her in Manhattan federal court and told them she was sorry.
The 54-year-old Manhattan resident said, “I stand here as a criminal who hurt clients, colleagues, and friends.” She also called herself a “coward” for hiding her lies and “living lavishly” off of money she stole from people who “loved and trusted” her.
Schiff said with tears in his eyes, “I am guilty and ready to face my punishment.” “I’m scared, but I’m ready.”
Schiff has to go to jail on July 1.
Michael Barasch, one of Schiff’s victims, told the court that his family had treated her like one of them and invited her to big family events and holiday parties.
“What you did was much worse than just stealing money,” he said. “You hurt my wife’s feelings.” She thought you were her best friend.
Barasch said that Schiff’s victims could lose up to $10 million because of the money they’ve spent on lawyers and other experts to try to get some of their money back through lawsuits.
“Five cents on the dollar is the best we can hope for.” “No one will ever be whole again,” he said. “You should feel bad.”
When Judge J. Paul Oetken gave Schiff’s sentence, he said her crimes were “quite brazen” and that her fraud went on for about five years and involved more than a dozen people.
He did say that Schiff came from a “loving family,” that she seemed smart and kind, and that she was raising her 12-year-old son by herself.
And Oetken said, “She has a good side to her.” “It’s hard to understand how someone so smart and skilled could act in this way.”
Schiff was also put on controlled release for two years and told to pay back more than $9 million and forfeit nearly $6.5 million. She wouldn’t say anything outside of court.
In October, Schiff admitted that she ripped off clients of her art consulting business, Schiff Fine Art. She pleaded guilty to wire theft.
Authorities say she either sold clients’ art without telling them or took their money to buy art that she didn’t actually buy.
People say Schiff used her clients as her “personal piggy bank,” paying for a fancy lifestyle that included a $25,000-a-month flat, a $2 million office space for her business, and big trips to Europe where she shopped at designer stores and stayed in fancy hotels.
Prosecutors say Schiff rented a villa, a yacht, and a helicopter in Greece for a holiday.
She finally told some of her clients about her growing bills in May 2023 because she could no longer hide them.
While Schiff was building her business in the art world over many years, DiCaprio was one of her clients. The government says she lied to 12 clients, an artist, the estate of another artist, and an art museum.
If you are found guilty of wire fraud, you could spend up to 20 years in jail. As part of Schiff’s plea deal, the prosecutors suggested a sentence of eight to ten years in prison.
Assistant U.S. Attorney Cecilia Vogel asked Oetken in court on Wednesday to remember the victims of the case. Many of them wrote sad letters to the court before Schiff was sentenced.
“There was a lot of fraud,” she said. “This does a lot of damage.”
Vogel said Schiff only told the truth about her crimes when it was clear that everyone would find out.
Bird said, “She had reached a point where she could no longer keep up the fraud.”
Randy Zelin, Schiff’s lawyer, said that his client has helped with the criminal investigation and efforts to get some of the stolen money back “on every imaginable level.”
He said, “My client can’t change what happened.” “She can take care of herself.” She might be very upset about it. She can only move forward, though.
