Why Was Inigo Philbrick Arrested? Sentencing News Explored
Inigo Philbrick, a high-end art dealer, was sentenced to seven years after pleading guilty to a $86 million scam. He has also charged with identity theft.
The 34-year-old dealer pled guilty to wire fraud in November, roughly a year after being seized by US police on the island of Vanuatu. He told a New York judge that he did it for the money. Philbrick agreed to lose $86 million and two artworks as part of the plea agreement.
According to US Attorney Damian Williams, Inigo's career as an art dealer came after he collateralized and resold fractional interests in high-value modern art.
Inigo confessed to his victims and called his actions "outrageous and reprehensible" in a statement read to the judge in federal court in Manhattan on Monday.