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Ten charged in securities fraud scheme involving a Picasso

May 16 2018

Ten charged in securities fraud scheme involving a Picasso

Six individuals and four corporate entities were charged for their alleged participation in securities fraud amounting to more than $50 million and a money laundering scheme that involved a Pablo Picasso painting. Defendants indicted in the scam in Brooklyn, New York, included London-based brokerage firm Beaufort Securities Ltd., offshore bank Loyal Bank and a London…