Modern Art = Money Laundering Scam?

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  • wehateporn
    Promoting Debate on GFY
    • Apr 2007
    • 27176
    #1

    Modern Art = Money Laundering Scam?


    Art Auctions Are Just Money Laundering
    http://www.newser.com/story/177753/a...aundering.html

    "Michael Wolff observes in USA Today. "Art, perhaps second only to drug trafficking, is among the world's most lucrative dubious businesses," he writes. These days, it's a more efficient and private money place to hide cash than a Swiss bank. "

    $1M painting, used in money-laundering scam, sent back to Brazil to reimburse defrauded victims

    http://www.nydailynews.com/news/worl...ticle-1.441891

    "A Roy Lichtenstein masterpiece worth more than $1 million is going back to Brazil - and the auction block - to help reimburse victims of a Brazilian mini-Madoff.

    The Lichtenstein and a second painting were part of a huge art collection used by a South American scammer to launder some of the $1 billion he stole from Bancos Santos."
    Tags: None
    • JennaFame
      Registered User
      • May 2014
      • 47
      #2
      Wow, good for the victims. His art collection was really nice though.

        Comment

        • JennaFame
          Registered User
          • May 2014
          • 47
          #3
          I wonder if FINTRAC will start monitoring art sales.

            Comment

            • JFK
              FUBAR the ORIGINATOR
              • Jan 2002
              • 67373
              #4
              Originally posted by JennaFame
              I wonder if FINTRAC will start monitoring art sales.
              they probably are already

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                Comment

                • CAHEK
                  C.C.C.P.
                  • Aug 2003
                  • 7413
                  #5
                  Modern Art = Good Investment
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                    Comment

                    • adultmobile
                      No, I am not banned
                      • Nov 2003
                      • 5345
                      #6
                      Art is used to avoid tax too:

                      http://www.dailymail.co.uk/news/arti...ure-heirs.html

                      http://www.stltoday.com/business/loc...ff3c2218f.html

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                        Comment

                        • PaperstreetWinston
                          Confirmed User
                          • Jan 2014
                          • 2604
                          #7
                          Its a good cover for laudering, but roy's art is also good imho
                          Winston
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                            • MiamiBoyz
                              fgfdftre6
                              • Oct 2012
                              • 6690
                              #8
                              Art is highly inflated and in fact actually worthless so it is the perfect vehicle to launder money.

                              It's value is abstract as is the concept of money itself. Ideal

                                Comment

                                • BobDobalina
                                  Registered User
                                  • Jul 2012
                                  • 29
                                  #9
                                  It's crazy what people can get away with in the name of "art".

                                  There were two pieces yanked from a gallery because they were made up of 12,000+ E pills

                                  [EDIT - Not allowed to post links yet]

                                  How the artist got away with that is beyond me; yes they were removed from the gallery but he faced no consequence.

                                  Here's a quick quote from the article if you wanted to google it, or just have a quick facepalm

                                  "Love & Death ? a 6ft skull and crossbones with an asking price of £100,000 ? and multicoloured piece Taste The Rainbow, on sale for £75,000, "

                                  "He said the prospective buyer would be given the option to replace the tablets with fake ones."
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