An artwork dealer ex of a Made in Chelsea star faces 20 years in a US jail over a £16 million scam.
Inigo Philbrick, 34, admitted to conning traders out of tens of millions of kilos and instructed a choose he did all of it ‘for the cash’ to fund a lavish life-style whereas he dated Victoria Baker-Harber.
When the ‘serial swindler’ was uncovered in November 2019, he failed to look for court docket hearings in each London and Miami, cities in which he owns artwork galleries, earlier than he was ultimately arrested by the FBI on the Pacific island of Vanuatu.
A court docket heard the profitable scam paid for his ‘life-style’, with Philbrick showing as an professional on artwork enterprise conferences and his places of work registered in Grosvenor Street, Mayfair.
He additionally has a child with Ms Baker-Harber, 33, whom he started relationship in 2017.
His then associate gave start to daughter Gaia in November final yr, with the Made in Chelsea socialite posting footage of her first birthday on Instagram earlier this month.
Inigo Philbrick pictured with former associate Victoria Baker-Harber, of Made in Chelsea fame, whom he had a child with final yr
Ms Baker-Harber throughout an episode of Made in Chelsea on Channel 4. Her former associate has admitted conning traders out of tens of millions of kilos
Victoria pictured with Jamie Laing (proper) having lunch throughout an episode of Made in Chelsea in 2017
Philbrick was arrested in June final yr following allegations he offered the identical artwork works to completely different traders, generally at inflated costs, in order to get cash to pay for one more, reported The Telegraph.
He got here to the eye of police in November 2019, however fled the US.
Not even Ms Baker-Harber was conscious of his whereabouts earlier than he was arrested seven months afterward the distant island.
She was additionally unaware of his felony exercise.
Philbrook has not met his daughter, with the fact star talking of her heartbreak as she raises her child alone.
Following the start final yr, she instructed Hello!: ‘As onerous as its been to not have Inigo round, I’ve been fortunate to have superb associates and superb household.
‘I’m actually excited for Gaia’s first Christmas, I’m going to have all of my household round. Sadly in all probability will not have Inigo round however as quickly as I’m capable of, I’m going to go and go to him to allow them to meet.’
It is known Philbrick was arrested after he browsed for souvenirs close to the seaside.
He pleaded responsible to federal wire fraud expenses at a New York’s Southern District Court on Thursday and now faces a most sentence of 20 years’ imprisonment.
He was additionally ordered to forfeit greater than £63.9m.
When requested by Jude Stein why he dedicated the crimes, Philbrick replied: ‘For the cash, your honour’.
Jeffery Lichtman, Philbrick’s lawyer, added: ‘It’s a tragic day for Inigo, however he’s pleased to place this behind him
‘The business is corrupt from high to backside. Inigo isn’t the trigger right here, he’s a symptom. I believe many extra instances like this would seem if the artwork world had been investigated completely.
‘While his actions had been dishonest and felony in nature, he’s half of an business sick from high to backside the place this kind of behaviour is unfortunately commonplace.
‘That being mentioned, he apologises to his victims and can do all that he can to make them complete.’
Philbrick (pictured) has admitted conning traders out of tens of millions of kilos and instructed a choose he did all of it ‘for the cash’
Ms Baker-Harber exhibits off her child bump earlier than giving start to Gaia on November 1, 2020
Ms Baker-Harber posted pictured to her Instagram celebrating daughter Gaia’s first birthday earlier this month
Philbrick’s scams included the sale of a 1982 portray by Jean-Michel Basquiat named Humidity, pictured above
The dwelling of Philbrick’s registered places of work in Grosvenor Street, Mayfair. The artwork dealer fraudulently lived a lavish life-style
Philbrick (proper) attends the opening of a Jean Royere Exhibition at Galerie Patrick Seguin London on February 25, 2016, with ex-partner Fran Mancini
However, US Attorney Damian Williams referred to Philbrick as a ‘serial swindler’ who took benefit of the artwork market.
Works concerned in his scam included a 1982 portray by Jean-Michel Basquiat named Humidity, a 2010 untitled portray by Christopher Wool and an untitled 2012 portray by Rudolf Stingel depicting Pablo Picasso.
Philbrick, dubbed the ‘Mini Madoff of the artwork world’, will return to court docket for sentencing on March 18, 2022.
The rise and fall of America’s greatest Ponzi conman Bernie Madoff
Fraudster Inigo Philbrick has been dubbed the ‘Mini Madoff of the artwork world’ after duping traders out of tens of millions.
Bernie Madoff is the person behind the most important and most devastating Ponzi scheme in historical past that robbed tens of 1000’s of victims worldwide of $65 billion.
He went from a high-flying Wall Street financier to residing out his dying days in a North Carolina jail.
For many years, Madoff – a former chairman of the Nasdaq inventory market – loved a picture as a self-made monetary guru whose success defied market fluctuations.
By the Nineteen Eighties, Bernard L. Madoff Investment Securities occupied three flooring of a midtown Manhattan high-rise
He attracted a faithful legion of funding shoppers from Florida retirees to the wealthy and well-known together with director Steven Spielberg, actor Kevin Bacon and former New York Mets proprietor Fred Wilpon.
However, all of it got here crashing down in 2008 after his funding advisory enterprise was uncovered as a multibillion-dollar Ponzi scheme that had eradicated individuals’s fortunes – each wealthy and poor – and destroyed charities and foundations worldwide.
Madoff, behind what’s believed to be the biggest fraud in Wall Street’s historical past, grew to become so hated he needed to put on a bulletproof vest to court docket after admitting to his crimes.
He died in April earlier this yr whereas serving a 150 yr jail sentence at Butner Federal Correctional Complex.
The epic downfall from his monetary fraud not solely destroyed the lives of his 37,000 victims but additionally that of his family, together with his two sons who ended up turning their father over to the authorities.
One of his sons, Mark, killed himself on the second anniversary of his father’s arrest in 2010. Madoff’s different son, Andrew, died from most cancers at age 48. His spouse Ruth remains to be alive and has since vanished to Greenwich, Connecticut.
The fraudster, born in Connecticut, rose to notoriety in the business after shifting to Britain to check at Goldsmiths, University of London, aged 23.
He is the son of Harry Philbrick, a revered former museum director, and Jane, a Harvard-educated author and artist.
Philbrick interned on the White Cube gallery in London earlier than being made director of secondary market gross sales.
Three years later, he opened the Inigo Philbrick Gallery in Mayfair.
He additionally has a daughter with former girlfriend and fellow artwork dealer Fran Mancini, who he was in a relationship with up till 2017.