New York Art Dealer Pleads Guilty to Defrauding Her Clients

A high-profile New York art adviser faces years in prison after admitting she defrauded wealthy clients of more than $6 million to live a lavish lifestyle and pay off debts.

Lisa Schiff, who ran outposts of Schiff Fine Art in Tribeca and London, pleaded guilty to a single count of wire fraud on Thursday as part of a plea agreement, federal prosecutors in Manhattan said in a statement. She is set to be sentenced in January by US District Judge Paul Oetken.

The criminal case comes after clients began suing Schiff last year. More than 50 collectors, ...