{"id":58220,"date":"2025-01-13T14:40:24","date_gmt":"2025-01-13T22:40:24","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=58220"},"modified":"2025-01-13T14:40:24","modified_gmt":"2025-01-13T22:40:24","slug":"renowned-art-dealer-sentenced-to-prison-for-embezzling-from-bankruptcy-estate-of-l-a-s-ace-gallery","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=58220","title":{"rendered":"Renowned Art Dealer Sentenced to Prison for Embezzling from Bankruptcy Estate of L.A.&#8217;s Ace Gallery"},"content":{"rendered":"<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"0ea87fa6-984b-4e88-9e32-b2e6a2b2e85c\" data-message-model-slug=\"gpt-4o\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"><strong>LOS ANGELES<\/strong>\u00a0<\/span><\/p>\n<figure id=\"attachment_58221\" aria-describedby=\"caption-attachment-58221\" style=\"width: 300px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-58221 size-medium\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2025\/01\/9561614dbf073d241723fbb9ee59150ec56a1b58-2000x3022-1-300x300.avif\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2025\/01\/9561614dbf073d241723fbb9ee59150ec56a1b58-2000x3022-1-300x300.avif 300w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2025\/01\/9561614dbf073d241723fbb9ee59150ec56a1b58-2000x3022-1-1024x1024.avif 1024w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2025\/01\/9561614dbf073d241723fbb9ee59150ec56a1b58-2000x3022-1-150x150.avif 150w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2025\/01\/9561614dbf073d241723fbb9ee59150ec56a1b58-2000x3022-1-768x767.avif 768w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2025\/01\/9561614dbf073d241723fbb9ee59150ec56a1b58-2000x3022-1-850x849.avif 850w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2025\/01\/9561614dbf073d241723fbb9ee59150ec56a1b58-2000x3022-1.avif 1200w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-58221\" class=\"wp-caption-text\"><strong>Douglas J. Chrismas, 80<\/strong><\/figcaption><\/figure>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">Renowned art dealer Douglas J. Chrismas, 80, was sentenced to 24 months in federal prison and ordered to pay $12.8 million in restitution for embezzling funds from the bankruptcy estate of Ace Gallery Los Angeles while serving as its trustee, officials stated,<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">Chrismas, the former president and CEO of Art and Architecture Books of the 21st Century (operating as Ace Gallery), was convicted in May 2024 of three counts of embezzlement against a bankruptcy estate, according to officials.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">The crimes occurred between late March and early April 2016 and involved $264,595 misappropriated from Ace Gallery to benefit Ace Museum, a nonprofit entity Chrismas owned and controlled.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">U.S. Attorney Martin Estrada condemned Chrismas for abusing his fiduciary role, stating, &#8220;Today&#8217;s sentence is a just punishment for brazen crimes that exploited a system meant to protect creditors.&#8221;<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-6759 alignright\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/10\/Department-of-Justice-300x197.jpg\" alt=\"\" width=\"300\" height=\"197\" srcset=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/10\/Department-of-Justice-300x197.jpg 300w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/10\/Department-of-Justice-90x60.jpg 90w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/10\/Department-of-Justice.jpg 600w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>The embezzled funds included a $50,000 check, $100,000 from artwork sales redirected to Ace Museum, and $114,595 used to cover Ace Museum&#8217;s rent.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"> Chrismas continued this fraudulent activity for over three years until April 2016, when an independent trustee was appointed to oversee the bankruptcy estate.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">According to the <a href=\"https:\/\/www.theartnewspaper.com\/2023\/08\/28\/ace-gallery-bankruptcy-auction-threesixty-asset-advisors\">Art Newspaper,<\/a> &#8230; over the succeeding five decades, he and the gallery also became a magnet for <a class=\"transition-colors duration-default shadow-externalLink hover:text-blue-900\" href=\"https:\/\/www.nytimes.com\/2016\/04\/21\/arts\/design\/artists-fight-to-get-works-back-amid-ace-gallerysbankruptcy-case.html\" target=\"_blank\" rel=\"noopener\">lawsuits brought by artists<\/a> over alleged theft and non-payment, as well as for informal but public accusations of operational misconduct.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">The FBI\u2019s Art Crime Team conducted the investigation, and Assistant United States Attorney Valerie L. Makarewicz of the Major Frauds Section prosecuted the case.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>LOS ANGELES\u00a0 Renowned art dealer Douglas J. Chrismas, 80, was sentenced to 24 months in federal prison and ordered to pay $12.8 million in restitution for embezzling funds from the bankruptcy estate&#8230;<\/p>\n","protected":false},"author":1,"featured_media":58221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-58220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Renowned Art Dealer Sentenced to Prison for Embezzling from Bankruptcy Estate of L.A.&#039;s Ace Gallery<\/title>\n<meta name=\"description\" content=\"LOS ANGELES\u00a0 Renowned art dealer Douglas J. 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