In his press release providing the details of today’s guilty plea by art dealer Glafira Rosales in the fake paintings case involving sales of works through Knoedler and Julian Weissman galleries (neither of which has been charged and both of which have denied knowledge that the paintings were fake), Preet Bharara, the U.S. Attorney for the Southern District of New York, noted that Rosales had admitted participating in “a scheme to sell more than 60 fake works of modern art to two New York art galleries. Her victims paid more than $80 million for the fake works.
The U.S. Attorney’s press release also states:
Rosales, 57, of Sands Point, New York, pled guilty to nine counts….[Her] total maximum term of imprisonment is 99 years. She also agreed to forfeit $33,200,000, including her home in Sands Point, New York, and to pay restitution in an amount not to exceed $81 million.
What the press release doesn’t mention is that Rosales has agreed to cooperate with prosecutors, providing additional information she may have about the case and others who may have been involved.
Here’s an image of the relevant passage in the signed plea agreement (which you can read in full, here):
What’s more, if the U.S. Attorney’s Office “determines that Rosales has provided substantial assistance in an investigation or prosecution, and if she has fully complied with the understandings” that are contained in the plea agreement, the prosecutors will recommend that the U.S. District Court Judge weigh that cooperation in determining the severity of the sentence.
Rosales’ agreement to cooperate would seem to support previous speculation that the prosecutors may seek additional indictments related to this case.
Time and Bharara may soon tell. Rosales is scheduled to be sentenced on Mar. 18.