Convicted Ponzi schemer Marc Dreier is being forced to turn over pieces of his multimillion-dollar art collection, including works by Andy Warhol, Mark Rothko, Roy Lichtenstein and Damien Hirst, to one of his victims, the office of the U.S. Attorney for the Southern District of New York said Monday.
In a statement, Preet Bharara said that the U.S. Marshals had transferred 18 seized works to one of Dreier's victims.
Dreier had displayed the artwork in his home. He gave the victim a security interest in the collection, then valued at over $30 million, supposedly to secure the payment to the victim on promissory notes that he had secretly forged and that had a face value of more than $110 million.
The same person previously had transferred $1.65 million in forfeited funds to the government, which the U.S. Attorney's Office will seek to make available to other victims of Dreier's fraud.