WKYT | Lexington, Kentucky | News

NY fraud victim gets 18 artworks worth $33M

NEW YORK (AP) - Federal prosecutors in Manhattan say 18 artworks valued at some $33 million have been transferred to a hedge fund victimized in a massive $400 million fraud scheme.

Works by such artists as Andy Warhol, Mark Rothko and Damien Hirst had belonged to Marc Dreier. The once-prominent Manhattan lawyer is serving 20 years in prison for selling fictitious securities.

Authorities said Monday that U.S. marshals turned over the works to New York-based Heathfield Capital Limited. In July, a judge found Heathfield was entitled to the artworks that Dreier had pledged as security to finalize a deal.

Dreier pleaded guilty to money laundering and other charges in 2009.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 219301431 - wkyt.com/a?a=219301431
Gray Television, Inc.