Manhattan dealer Helly Nahmad has plead guilty to operating an illegal gambling ring, the Daily News reports.  Arrested earlier this year in a massive sting operation that nabbed 33 suspects, Nahmad’s plea deal is anticipated to include a fine of around $6.4 million, as well as a potential 12 to 18 months behind bars.  “It started as a hobby,” he said in court. “Unfortunately, it became a business. But it was never my main business.” (more…)

After months of investigation and court proceedings, Long Island dealer Glafira Rosales has plead guilty to the sale of over $30 million in fake artworks attributed to Rothko, Pollock, and others. Rosales also plead guilty to charges of fraud, money laundering, and tax evasion in a New York courtroom Monday.  “I agreed with others to sell works of art claimed to be created by various expressionist artists including Mark Rothko, Jackson Pollock and Robert Motherwell, and to make false representations as to the authenticity and provenance of those works,” Rosales said. “These works of art were actually fakes created by an individual residing in Queens.” (more…)