MADISON BUSINESS OWNER
CHARGED WITH FRAUDULENT ART SALES
David B. Fein, United States Attorney for the District of Connecticut, today announced that DAVID CRESPO, 57, of Guilford, Connecticut, has been arrested on a federal criminal complaint charging him with mail fraud and wire fraud offenses stemming from his alleged sale of fraudulent artwork.
The criminal complaint alleges that, from approximately 2005 to February 2011, CRESPO, an art dealer who conducted business under the name Brandon Gallery, Metropolitan Art Auctions/Portfolio Reflections of the Masters, in Madison, defrauded his customers. In substance, the complaint alleges that CRESPO sold artwork, falsely representing to customers that they were original pieces of art by Picasso. He also created documents that falsely supported the provenance of the artwork, which he then provided to customers.
CRESPO was arrested this morning by agents with the Federal Bureau of Investigation. He appeared before United States Magistrate Judge William I. Garfinkel in Bridgeport and was released on a $50,000 bond.
The charges of mail fraud and wire fraud both carry a maximum term of imprisonment of 20 years.
U.S. Attorney Fein stressed that a complaint is only a charge and is not evidence of guilt. Charges are only allegations, and each defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.
This matter is being investigated by the Federal Bureau of Investigation and the Madison Police Department. The case is being prosecuted by Assistant United States Attorney Anthony E. Kaplan.
PUBLIC AFFAIRS CONTACT:
U.S. ATTORNEY'S OFFICE