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ART FRAUD

He was paid $5,000 to $7,000 for each painting. His fakes were then sold as originals by Glafira Rosales, an obscure art dealer, who reaped millions of dollars in profits, peddling them to venerable Manhattan art galleries with distinguished reputations, such as Knoedler's. The venerable art galleries then reaped even greater profits, reselling the paintings to Wall Street executives and investment bankers. (For example, Knoedler's sold $63 million worth of the paintings, keeping its "fee" of $43 million and paying only $20 million to Rosales.)

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