An art dealer who allegedly sold counterfeit paintings by ‘Blue Chip’ Abstract Expressionist artists to several top New York dealers has been indicted for fraud, money laundering and tax evasion. Glafira Rosales, 56, will be arraigned in Manhattan today on charges of selling more than 60 bogas works by artists including de Kooning, Pollock, Motherwell and Rothko between 1994 and 2009, at a cost of $33.2 million. Rosales is also charged with sending the money to a number of foreign bank accounts and for filing false tax returns. If convicted, she faces up to 20 years in federal prison .
Preet Bharara, the US attorney in charge of the case said; “The indictment depicts a complete circle of fraud perpetrated by Glafira Rosales’ fake paintings sold on behalf of non-existent clients with money deposited into a hidden bank account.”
According to prosecutors, Rosales convinced prominent galleries that the previously unknown works came from two clients, one in Switzerland the other in Spain. Rosales said the Swiss client was a’high net worth individual who had inherited the art works of art.