Former art adviser Lisa Schiff sentenced for fraud

A former art adviser who once worked with actor Leonardo DiCaprio has been sentenced to 30 months in federal prison for fraud. Lisa Schiff defrauded clients of $6.5 million through her art advisory business, Schiff Fine Art. She pleaded guilty to wire fraud in October. During her sentencing on Wednesday, Schiff expressed deep remorse. She apologized tearfully to her former friends and clients in Manhattan federal court. Schiff admitted to living lavishly off money she stole from those who trusted her. Her extravagant lifestyle included a $25,000-a-month apartment and luxury trips to Europe. Schiff's victims included a dozen clients, an artist, and an art gallery. One victim, Michael Barasch, shared his heartbreak in court. He noted that Schiff had been close to his family, and her betrayal went beyond stolen money. He estimated the total losses for her victims could reach $10 million due to legal costs in trying to recover their money. Judge J. Paul Oetken described Schiff’s actions as “brazen.” Her fraud lasted about five years and included many clients. In addition to her prison sentence, Schiff will serve two years of supervised release and must pay nearly $6.5 million in forfeiture and over $9 million in restitution. Although wire fraud can lead to a 20-year prison sentence, her plea deal suggested a lighter sentence. Schiff is scheduled to report to prison on July 1.