Former London, Miami art dealer pleads guilty in fraud case

NEW YORK (AP) — A former London and Miami art dealer has pleaded guilty to defrauding art buyers and others of over $86 million. Inigo Philbrick entered the plea Thursday in Manhattan federal court. Prosecutors say the plea came to a single count of wire fraud for conducting a multi-year scheme to defraud individuals and entities to finance his art business. U.S. Attorney Damian Williams called Philbrick a serial swindler who took advantage of a lack of transparency in the art market to defraud art collectors, investors and lenders to finance his art business and lifestyle. Sentencing was set for March 18.