Lisa Schiff, a once-prominent New York art adviser who worked with high-profile clients, including Leonardo DiCaprio, has been sentenced to 30 months in federal prison for defrauding clients out of $6.5 million. Schiff, 54, sobbed in court as she apologized to former friends and clients, admitting to using their money to fund a lavish lifestyle.
A Web of Deception
Schiff’s fraudulent activities spanned roughly five years, during which she exploited more than a dozen clients, including private collectors, an artist, the estate of another artist, and an art gallery. Prosecutors revealed that she sold artwork without informing the owners, pocketed the proceeds, and accepted payments for pieces she never purchased.
Her deception eventually became unsustainable, and in May 2023, she confessed to some of her clients. By October, she had pleaded guilty to wire fraud, which carries a potential sentence of up to 20 years. As part of her plea deal, prosecutors recommended a sentence of between 3.5 and 4.25 years, though Judge J. Paul Oetken ultimately sentenced her to 2.5 years, plus two years of supervised release. She must also forfeit nearly $6.5 million and pay more than $9 million in restitution.
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Lavish Spending at the Expense of Clients
Prosecutors described Schiff as having used her clients’ money as a “personal piggy bank,” financing an extravagant lifestyle that included:
- A $25,000-per-month luxury apartment
- A $2 million business space
- Lavish European vacations, featuring high-end shopping sprees, stays in luxury hotels, and rentals of a Greek villa, yacht, and helicopter
Michael Barasch, one of Schiff’s victims, said in court that his family had embraced her, inviting her to family gatherings and holidays. He expressed heartbreak over the betrayal, telling her:
“Your disgraceful conduct goes well beyond stolen money. You broke my wife’s heart. You were her best friend, or so she thought.”
Barasch estimated that Schiff’s victims could lose as much as $10 million in total, considering the legal costs required to attempt to recover their money.
“We’ll be lucky to get five cents on the dollar. No victim will ever be made whole,” he added.
Tears and Regret in Court
During her sentencing, Schiff, who is a single mother to a 12-year-old son, called herself a “coward” for deceiving those who trusted her. She admitted to living lavishly off money stolen from people who had “loved and trusted” her, saying:
“I am a guilty person, and I am prepared to face my punishment. I am scared, but I am ready.”
Judge Oetken acknowledged that Schiff came from a loving family, was intelligent, and had a good side to her character. However, he also condemned the nature of her crimes, calling them “quite brazen.”
Assistant U.S. Attorney Cecilia Vogel emphasized the extensive harm caused by Schiff’s fraud, pointing out that she only came clean when she could no longer sustain the scheme.
“She had reached a point where she couldn’t keep the fraud going any longer,” Vogel said.
Schiff’s lawyer, Randy Zelin, maintained that she has been cooperative throughout the investigation and is working to recover some of the stolen funds.
The Aftermath
Lisa Schiff is scheduled to report to prison on July 1, 2025. Her case serves as a stark warning about the potential for fraud in the art world, where trust and integrity are paramount.
As the victims attempt to recover from their losses, the scandal reinforces the importance of thorough due diligence when dealing with art advisers handling high-value transactions.
