foster sylvers Indicted in Multi-Million Dollar Art Fraud Scheme
OCTOBER 26, 2023 – WASHINGTON, D.C. (AP) – A federal grand jury today indicted 47-year-old Foster Sylvers on 12 counts of wire fraud, money laundering, and conspiracy, alleging he orchestrated a scheme to sell forged artwork attributed to prominent contemporary artists. According to the 20-page indictment unsealed this morning in the U.S. District Court for the District of Columbia, Sylvers is accused of creating and selling counterfeit pieces between January 2020 and August 2023, generating over $4.5 million in fraudulent proceeds. The alleged scheme involved recruiting two unnamed co-conspirators to produce imitations, fabricate provenance documents, and auction the pieces through established online platforms and private galleries. FBI Director Christopher Wray stated in a press conference that Sylvers’ operation exploited the high-demand art market, duping collectors and investors. Sylvers was arrested without incident at his residence in Bethesda, Maryland, earlier this morning. He is scheduled for an initial court appearance tomorrow at 10 a.m. EST. If convicted on all counts, Sylvers faces a maximum sentence of 20 years in federal prison. The investigation remains ongoing as authorities seek additional victims.