Swindler charged

Fri May 1, 2009

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After swindling $88 million from art investors including Caxton Associates senior managing director Roy Lennox, a once prominent Manhattan art dealer has been charged with 100 counts of fraud, forgery and falsifying business records. A New York grand jury has accused Lawrence Salander of running a Ponzi scheme in which investors were tapped for funding to help procure artworks expected to fetch substantial sums in future sales. Lennox lost roughly $2.5 million of the $3.5 million he loaned Salander. But he can take comfort that he was in good company: former tennis champion John McEnroe also allegedly lost money.

ISSN: 2151-1845 / CDC10004H

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