John McEnroe Swindled in Art Scam
John McEnroe former tennis lover , was reported to have lost $88 millions in art investment scam which was unwrapped in Newyork . The scam successfully swindled major investment firms ,with bank of America ,investment firms and other art owners.
The wild scam was designed by the art dealer Lawrence Salander who is under grip of Newyork police. Newyork court officials charged Lawrence Salander 100 counts, including grand larceny and securities fraud according to Manhattan District Attorney Robert Morgenthau told a news conference.
Morgenthau confirmed ,fraudulent scheme was designed to tricked the investors who paid cash in exchange for shares of ownership of works of art.
Infact Salander framed the scheme by selling artwork not owned by him and baited the investment money in fallacious investment opportunities.
Salander boosted the price of paintings to gain greater investments which were never returned to investors.
McEnroe, who was scammed by $2 million after investing a half share in two paintings,was unable to recover his investment .
Renaissance Art Investors were duped of $45 million and Earl Davis, the son of American painter Stuart Davis, lost $6.7 million, and Bank of America lost $2 million .
source : .tennis-x.com
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