Sylvain Gaboury/Patrick McMullan via Getty
Art adviser to the stars Lisa Schiff suffered a massive reputational blow last week after a pair of wealthy clients accused her of running a “Ponzi scheme.” But her legal exposure got even worse on Wednesday, when a related group of plaintiffs filed a second lawsuit accusing her of many more instances of fraud, claiming they were bilked out of millions of dollars.
Schiff—who once served as an art adviser to Leonardo DiCaprio—has not commented on the allegations, but her company, Schiff Fine Art in Tribeca, filed a notice in New York Supreme Court on Wednesday that it has gone belly-up and will be liquidating any assets to pay off debts.
According to the new lawsuit, heiress Candace and her husband Michael Barasch (and a trust set up for their children) gave Schiff wide latitude over their art purchases. As their exclusive adviser, she had access to their credit card information and managed “all aspects” of their collection, “from purchases and sales” to installation and storage, they said.