“I tried to find a way to live a life that wasn’t true,” he said.announcing his guilty plea, which included $86 million of restitution, Philbrick “knowingly misrepresented the ownership of certain artworks, for example, by selling a total of more than 100 percent ownership in an artwork to multiple individuals and entities without their knowledge” and by taking out loans against pieces of art without informing co-owners.
According to their memo, as a teenager Philbrick discovered that his dad was having an affair with his secretary, a transgression that caused his parents to split. Philbrick, his mother, and his sister later lived for some time in a neighbor’s garage because of their financial insecurity, the lawyers said.
The judge also pushed back on the argument, made by Philbrick’s attorney Jeffrey Lichtman, that the high-profile nature of the case was itself a mitigating factor. As she waited for an elevator after the sentencing, Philbrick’s fiancé, Victoria Baker-Harber, blamed part of his decimated reputation on “messed-up press.” She declined to answer additional questions from The Daily Beast.
Eventually, after taking on a more formal role at White Cube, Philbrick moved on to open a gallery of his own, reportedly using some capital from Jopling. In 2015, prosecutors later alleged, the wunderkind partnered with his mentor to help finance a $3.5 million deal for a 2009 Christopher Wool painting.
Jopling, like other, similar victims of Philbrick, never got his money. He ended up $1.95 million in the hole, the memorandum said.
Source: Entertainment Trends (entertainmenttrends.net)
Editor: “change 7 years to 84 months cuz 🤷🏾♂️”
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