In a guilty plea before Judge Charles Breyer, Robert Green entered a confession that he and co-conspirators allegedly defrauded their victims of millions of dollars between 2007 and 2017 by representing them as artists whose artwork was either faked or sold at inflated prices. When one of the artists showed up to the gallery with worthless paintings, Green and his co-conspirators “reprised the client” to pay the subsequent commissions owed to them.
Green additionally admitted that he and his co-conspirators would maintain that they were “surprised and angered” when fraudulent works turned up in the gallery. Nevertheless, they would announce, “We’re sorry, We’re sorry, you don’t have to worry about the gallery.”
According to court documents, the ring was also involved in real estate schemes involving real estate investors.
The U.S. Attorney’s Office for the Northern District of California, along with the FBI, launched an investigation into the fraud in 2017 following a complaint by CIT Bank.
Green, who faces up to 20 years in prison and a $250,000 fine, has agreed to cooperate with the government and his victims to recover their losses and provide information for future investigations.