David B. Fein, United States Attorney
for the District of Connecticut, and Kimberly K. Mertz, Special Agent in Charge
of the New Haven Division of the Federal Bureau of Investigation, announced
that a federal grand jury sitting in New Haven returned a 12-count indictment
today charging David Crespo, 58, of Guilford with mail fraud and wire fraud
offenses stemming from his alleged sale of fraudulent artwork.
The indictment alleges that, from
approximately 2005 to February 2011, Crespo, an art dealer who conducted
business under the name Brandon Gallery in Madison, defrauded his customers by
representing that artwork he sold were original pieces by Pablo Picasso and
original signed lithographs by Marc Chagall. Crespo also created documents that
falsely supported the provenance of the artwork, which he then provided to
customers.
The indictment charges Crespo with nine
counts of wire fraud and three counts of mail fraud. If convicted, he faces a
maximum term of imprisonment of 20 years on each count.
Crespo has been released on a $50,000
bond since his arrest on April 3, 2012.
U.S. Attorney Fein stressed that an
indictment 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.
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