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 This material may not be published, broadcast, rewritten or redistributed.)

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