The gavel struck, and swindling art dealer, Ezra Chowaiki, is heading to prison. Don’t remember this case? Here is a quick reminder… Several duped investors/collectors filed fraud charges against Ezra Chowaiki after paying/investing hundreds of thousands of dollars for works he never owned or had the right to sell. Chowaiki filed for bankruptcy and documents obtained by the court revealed he has less than $300,000 in assets with almost $12 million in fraud claims by victims. Chowaiki pleaded guilty in May, forfeiting $16 million and 25 works of art.
This week he agreed to pay $12.9 million in restitution and will serve an 18-month sentence.
Source: Manhattan Art Dealer Sentenced to 18 Months for Fine-Art Fraud