US government officials have charged British art dealer Matthew Green with using a pricey Picasso painting to help launder more than $9.2 million (£6.7 million), a representative for the Department of Justice confirmed to artnet News. Green was arrested in the US last week and is currently being detained.
Investigators allege that the proposed Picasso sale was connected to a $50 million stock scam. Green, who is the son of prominent London dealer Richard Green and was a co-director of the Richard Green Gallery and, more recently, Mayfair Fine Art, is one of ten people and corporations named in the 29-page indictment. The indictment, which was unsealed by the US Attorney’s office on February 28, focuses on the stock manipulation scheme and violations of US law requiring citizens and taxpayers to report offshore and international holdings to the IRS.
The indictments are the result of work by several undercover FBI agents who recorded their conversations with defendants regarding alleged stock manipulation, money laundering, and falsifying the ID’s of the various offshore account holders.
Read the original article here: news.artnet.com
Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.