Lawrence B. Salander, 59, owner of the now-defunct Salander-O’Reilly Galleries, was indicted on multiple charges, including grand larceny, securities fraud, forgery, criminal possession of a forged instrument, falsifying business records and perjury.
He defrauded 26 victims, Manhattan District Attorney Robert Morgenthau said in a statement.”Salander stole from his victims in two primary ways: He sold artwork not owned by him and kept the money, and lured investment money in fraudulent investment opportunities,” Morgenthau said.In other cases, Salander inflated the estimated cost of artwork, oversold shares in works, claimed to own works he did not, and misrepresented or failed to pay the full return on sales when money came in, authorities said.In one instance, to secure a $2 million personal loan from Bank of America, Salander offered pieces owned by others, including McEnroe, as security by providing phony documents to establish that he and his wife owned the art, Morgenthau said.Salander’s lawyer Charles Ross told CNN affiliate NY – One that his client is trying to raise money for bail, which was set at $1 million.”He has been aware that there is an investigation for quite some time and he has prepared for this day,” Ross told NY – One.