Gagosian Gold Ensnared in Allen Stanford Fraud Case


Image for Chris Burden's show at the Gagosian Gallery in Los Angeles

Three million dollars worth of gold that the Gagosian Gallery purchased for its upcoming Chris Burden show (March 7–April 4) in Los Angeles, having to do with weights and measures and the hierarchy of materials, has been ensnared in the SEC’s case against alleged fraudster Allen Stanford. The SEC, which has charged Stanford with executing a “massive Ponzi scheme,” has obtained a temporary order freezing his assets.

Gagosian purchased 100 1-kg (2.2-lb) gold bars from Stanford Coins & Bullion, a subsidiary of one of Stanford’s companies, in January. Court papers filed on Friday argued that the gold should be released to Gagosian because it was “a straightforward spot purchase of a tangible commodity” and had no connection with any type of investment account  involved in Stanford’s alleged fraud. Read the Reuters article about it here.

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