Larry Salander faces 100-count indictment in $300M art fraud case

Larry Salander, dubbed the Bernie Madoff of the art world, sits in prison awaiting trial on a 100-count indictment. He allegedly sold fractional interests in paintings he didn't own to multiple parties, used unowned artworks as loan collateral, and repeatedly sold the same painting to different buyers without disclosure. Over $300 million in claims remain in U.S. Bankruptcy Court against his Salander-O'Reilly gallery. Among the alleged victims, Earl Davis—son of painter Stuart Davis—suffered significant losses after leaving 96 paintings in Salander's care. The New York Times reported these developments on March 27, 2009. Salander's lavish lifestyle, including $60,000 parties at the Frick and private jet travel, has ended.