Leonardo DiCaprio’s former art advisor accused of ‘Ponzi scheme’: report

An renowned art advisor whose past clients include Leonardo DiCaprio has been accused of a Ponzi scheme, The Daily Beast reports.

Lisa Schiff is accused of failing to pay two clients $1.8 million after she brokered the sale of a painting, according to a lawsuit plaintiffs filed Thursday in New York Superior Court.

Candace Barasch, a real-estate heiress, and Richard Grossman allege that Schiff is “running a Ponzi scheme” after she brokered the sale of Adrian Ghenie’s "The Uncle 3" at Sotheby’s in Hong Kong for $2.5 million without paying them their full shares.

Their complaint alleges fraud, conspiracy, and breach of contract, among other financial misconduct.

Barasch and Grossman had previously been close friends with Schiff, according to the report.

The Beast’s Noah Kirsch and Justin Rohrlich report that “Grossman’s spouse and Barasch have known Schiff for nearly two decades, the suit said, and developed quasi-familial bonds. The Grossmans say they went to the bris of Schiff’s son and attended Father’s Day events at his school as ‘adjunct parents’; the two families even took trips together.”

The plaintiffs allege in the complaint that they jointly acquired "The Uncle 3" in April 2021 and decided in 2022 to put the oil painting up for auction.

Schiff was supposed to get 10 percent of the sale price with the remainder split between Barasch and Grossman.

Schiff reportedly took her commission but transferred just $450,000 to the plaintiffs, promising to pay the remaining $1.8 million by March 26, but has since asked for an extension and a subsequent delay.

Read the full article here.