«I JUST READ EVERYTHING»

The art market is talking of nothing else. This week the FBI swooped on New York’s swanky Helly Nahmad gallery (as well as on other locations in New York and elsewhere) as part of a $100m case against Russian-run illegal gambling rings.

Nahmad is one of 34 defendants charged by the NY district attorney with racketeering, money-laundering and other crimes. He is accused of being part of the “Nahmad-Trincher Organisation”, which the attorney called “a nationwide criminal enterprise” running high-stakes illegal gambling businesses. Nahmad is alleged to have financed the organisation, which laundered tens of millions of dollars. He has surrendered to authorities in Los Angeles and, if found guilty, could face up to 92 years in prison and a $2m-plus fine.

-Financial Times

 April 19 2013