NEW YORK (AP) 鈥� A New York art adviser who once counted actor Leonardo DiCaprio among her wealthy patrons was sentenced Wednesday to 30 months in federal prison after admitting to in connection with the sale of 55 works of art.
Lisa Schiff sobbed as she turned to her former friends and clients seated behind her in Manhattan federal court and apologized to them by name.
鈥淚 stand here as a criminal who hurt clients, colleagues, and friends,鈥� the 54-year-old Manhattan resident said, calling herself a 鈥渃oward鈥� for hiding her deceit and 鈥渓iving lavishly鈥� off money stolen from people who had 鈥渓oved and trusted鈥� her.
鈥淚 am a guilty person and I am prepared to face my punishment,鈥� Schiff said tearfully. 鈥淚 am scared, but I am ready.鈥�
Schiff is to report to prison July 1.
One of Schiff's victims, Michael Barasch, told the court that his family had embraced her as one of their own, inviting her to family gatherings and holiday parties.
鈥淵our disgraceful conduct goes well beyond stolen money,鈥� he said. 鈥淵ou broke my wife鈥檚 heart. You were her best friend, or so she thought.鈥�
Barasch estimated that Schiff鈥檚 victims stand to lose as much as $10 million when considering the costs of lawyers and other experts they鈥檝e hired to try to recoup some of their losses through litigation.
鈥淲e鈥檒l be lucky to get five cents on the dollar. No victim will ever be made whole,鈥� he said. 鈥淪hame on you.鈥�
Judge J. Paul Oetken, in handing down the sentence, called Schiff鈥檚 crimes 鈥渜uite brazen,鈥� noting her fraud persisted for roughly five years and involved more than a dozen clients.
At the same time, he noted that Schiff comes from a 鈥渓oving family,鈥� appeared to be smart and thoughtful and was raising a 12-year-old son as a single mother.
鈥淪he has a good side to her character,鈥� Oetken said. 鈥淗ow someone so talented can engage in this kind of behavior is a mystery.鈥�
Schiff also was sentenced to two years of supervised release, ordered to pay forfeiture of nearly $6.5 million and restitution of more than $9 million. She declined to comment outside the courtroom.
Schiff pleaded guilty to wire fraud in October, admitting that she defrauded clients of her art advisory business, Schiff Fine Art.
Prosecutors say she sold artwork belonging to clients without telling them or accepted their money to buy art that she didn鈥檛 end up purchasing.
They say Schiff used her clients as her 鈥減ersonal piggy bank,鈥� funding a lavish lifestyle that included a $25,000-a-month apartment, a $2 million space for her business and grand trips to Europe, complete with shopping sprees at designer boutiques and stays at luxury hotels.
On one vacation, Schiff rented a Greek villa, yacht and helicopter, according to prosecutors.
Unable to hide her mounting debts, she eventually confessed to some of her clients in May 2023.
DiCaprio had been among Schiff鈥檚 former clients as she built a decades-long career in the art world. Prosecutors say among those she swindled were 12 clients, an artist, the estate of another artist and an art gallery.
Wire fraud carries a sentence of up to 20 years in prison, but, as part of Schiff鈥檚 plea deal, prosecutors recommended a sentence of around 3 1/2 to 4 1/4 years behind bars.
In court Wednesday, Assistant U.S. Attorney Cecilia Vogel implored Oetken to remember the victims in the case, many of whom wrote emotional letters to the court ahead of Schiff鈥檚 sentencing.
鈥淭he fraud was truly extensive,鈥� she said. 鈥淭he harm here is significant.鈥�
Vogel argued Schiff only came clean about her crimes when it was clear they were going to become public.
鈥淪he had reached a point where she couldn鈥檛 keep the fraud going any longer,鈥� Vogel said.
Schiff鈥檚 lawyer, Randy Zelin, maintained his client has cooperated 鈥渙n every imaginable level鈥� in the criminal investigation and efforts to recover some of the stolen funds.
鈥淢y client can鈥檛 undo what happened,鈥� he said. 鈥淪he can accept responsibility. She can be devastated about it. But the best she can do is move forward.鈥�
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Philip Marcelo, The Associated Press
