Embassy in Papua New Guinea in light of the charges in the Complaint.” Philbrick was then transported to Guam, where a judge greenlighted his transfer to New York City.įlight records indicated that Philbrick departed the United States just before reports on lawsuits against him surfaced. Philbrick was charged with wire fraud and aggravated identity theft in an alleged $20 million “scheme,” federal prosecutors said.įederal agents nabbed Philbrick after Vanuatu officials “expelled” him from the country, a move that came “at the request of the U.S. The well-connected young art dealer, who had disappeared two years ago after allegations of double-dealing artworks surfaced, was arrested in June 2020 on the South Pacific island nation of Vanuatu. His hair had grown out into a sort of curly mullet. Prior to the proceeding, Philbrick looked toward a modelesque blonde who was seated in the front row, and raised his eyebrows at her in a playful greeting. Philbrick, who had shackles around his ankles, was wearing a khaki jail shirt and institutional navy pants. The 34-year-old was matter-of-fact as he addressed Stein. He told the judge that he was trying to build his business and “needed money for that.” Philbrick also agreed to cough up more than $86 million in money connected to his crimes. Stein asked Philbrick why Philbrick needed the money. Philbrick told Stein that from around 2016 to 2019, he “knowingly engaged” in a scheme to make money, using “material misrepresentations and omissions” in his business dealings. That included selling more shares in an artwork than existed, Philbick said.
“I knew my actions were wrong and illegal,” Philbrick told judge Sidney Stein. Inigo Phibrick, dubbed the “mini-Madoff” of the art world following claims that he resold the same artwork to multiple buyers, pleaded guilty on Thursday to one count of wire fraud in Manhattan federal court. Wilson/Getty Images for Galerie Patrick Sequin
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