German Art Dealer Accused of Hundreds of Millions in Fraud

December 11th, 2014

GERMANY TRIALSNoted German dealer Helge Achenbach has been accused of falsifying accounts on artworks and classic cars he purchased on behalf of the Albrecht family, the heirs to the Aldi Grocery Store fortune, including paintings by Picasso and Roy Lichtenstein.  In court documents, Achenbach is accused of claiming a higher price on works purchsed to achieve a higher commission, although he claims he offered a buyback deal on all sales, and that his client’s failure to return any work indicates his innocence.  “Where there has been no damage, there can be no fraud,” he said in a statement through his lawyer.

Read more at The Telegraph