Financial Adviser Gets Prison in $86 Million Art Fraud (1)

A financial adviser to Inigo Philbrick, the former high-flying art dealer who’s serving a seven-year prison sentence for an $86 million fraud, was sentenced to 20 months for helping him.

Robert Newland, a former consultant for McKinsey & Co. and Christie’s International, pleaded guilty to helping Philbrick run a “Ponzi-like scheme” in which he used customer money to buy art, pay off other clients and bankroll his own lavish lifestyle in what prosecutors called “one of the most significant frauds in the art market in history.”

Prosecutors said Newland joined Philbrick’s fraud in 2017, participating in about half of ...