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NYC art dealer pleads guilty to $100M swindle

A New York City art dealer who catered to celebrities has admitted bilking nearly $100 million from his star-studded clientele through bogus art investment opportunities and sales of pieces he didn't own.
/ Source: The Associated Press

A New York City art dealer who catered to celebrities has admitted bilking nearly $100 million from his star-studded clientele through bogus art investment opportunities and sales of pieces he didn't own.

Lawrence B. Salander pleaded guilty Thursday to grand larceny and scheming to defraud in a case that swept up tennis star John McEnroe and the estate of actor Robert De Niro's father as victims.

The 60-year-old Salander has been promised a prison term that's a maximum of six to 18 years. He's due back in court for a pre-sentencing status update May 20.

The former art gallery owner admitted swindling McEnroe out of about $2 million and Robert De Niro Sr.'s estate out of more than $1 million. They're among many other victims.

A judge shuttered Salander's gallery in 2007.