Doug Chrismas convicted of embezzling $260,000 from Ace Gallery bankruptcy estate

On Friday, a jury in Los Angeles convicted art dealer Doug Chrismas of embezzling $260,000 from the bankruptcy estate of Ace Gallery. He is scheduled for sentencing on September 9, potentially facing up to 15 years in federal prison. Ace Gallery entered Chapter 13 bankruptcy in 2013, with proceedings lasting until 2016, during which Chrismas held the roles of president, trustee, and custodian. Prosecutors revealed that he misappropriated $264,595 by issuing checks to the Ace Museum, a nonprofit he managed, and obtaining funds from earlier sales, some of which covered the museum's $225,000 monthly rent. Arrested in 2021, he was released on a $50,000 bond. Chrismas opened his first gallery in Los Angeles in the late 1960s, showcasing artists like Richard Serra and Andy Warhol, and has faced ethical misconduct allegations since the 1970s.