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What you need to know before registering a company in the UAE
Company Registration
Banking Solutions in the UAE & Oman
Corporate Compliance & Reporting
Annual Corporate Maintenance Services in the UAE
Legal & Corporate Support Services
Business Acquisition & Ready-Made Companies in the UAE
Corporate Legal Services in the UAE
Business Partnerships & Joint Ventures in the UAE
Types of companies in the UAE. Types of activities
UAE Visas
Government Bodies. What Issues They Address
Types of Legal Entities
Licensing
## Art Scam Uncovered
A father and daughter from New Jersey have admitted to orchestrating a $2 million art fraud involving counterfeit works by famous artists like Andy Warhol and Banksy. The duo, Karolina Bankowska and her father Erwin Bankowski, pleaded guilty to charges of wire fraud conspiracy and misrepresenting Native American-produced goods.
## Elaborate Scheme
The fraudulent operation involved creating at least 200 fake artworks, which were sold to unsuspecting buyers, including major auction houses in New York City. The counterfeits were crafted in Poland by an unnamed collaborator and included reproductions of lesser-known pieces by well-known artists.
## Legal Consequences
The pair could face over three years in prison and are required to pay $1.9 million in restitution. They also risk deportation to Poland. In court, both expressed remorse for their actions, with Karolina acknowledging her wrongdoing and Erwin apologizing through an interpreter.
## Art World Reaction
The case has highlighted vulnerabilities in the art market, with experts noting that such scams are more common than many realize. Erin Thompson, an art crime professor, remarked on the prevalence of forgeries in the industry, suggesting that many more fakes likely exist.
## Investigation Details
The scam began in 2020, with the father-daughter team commissioning a Polish artist to produce the fake pieces. They used antique materials and forged gallery stamps to make the artworks appear authentic. The scheme unraveled when inconsistencies, such as outdated zoning numbers on gallery stamps, were discovered.
## Auction House Involvement
Several auction houses, including DuMouchelles, Bonhams, and Phillips, were targeted in the scam. DuMouchelles sold a fake Richard Mayhew piece for $160,000, later cooperating with authorities in the investigation. Other auction houses declined to comment on their involvement.
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