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I knew my actions were wrong and illegal, Philbrick told judge Sidney Stein.
That included selling more shares in an artwork than existed, Philbick said.
Why did you do this?
For money, your honor.
That simple, Philbrick replied.
Stein asked Philbrick why Philbrick needed the money.
He told the judge that he was trying to build his business and needed money for that.
Philbrick also agreed to cough up more than $86 million in money connected to his crimes.
The 34-year-old was matter-of-fact as he addressed Stein.
Philbrick, who had shackles around his ankles, was wearing a khaki jail shirt and institutional navy pants.
His hair had grown out into a sort of curly mullet.
Philbrick was then transported to Guam, where a judge greenlighted his transfer to New York City.
Flight records indicated that Philbrick departed the United States just before reports on lawsuits against him surfaced.
More, investors dont really have any way of knowing how much of an artwork they own.
One piece in particular presented a huge problem for Philbrick.
The competing claims implied that Philbrick had double-sold the painting, according toThe Times.
There were other ownership disputes involving Philbricks dealings.
The disgraced artworld wunderkinds assets were frozen by a U.K. court.
Philbrick has been hit with lawsuits from ex-clients in New York, London, and Miami.
His Miami gallery closed by late 2019.
Then, his Miami lawyers dropped him.
Journalists who reach out to Philbrick for comment couldnt reach him, perBloomberg.
On one of these contracts, a stolen identity was listed as the artworks seller.
The maximum sentence for one count of wire fraud is 20 years in federal lockup.
Under Philbricks plea deal, he also agreed not to appeal any sentence that was 151 months or less.
His sentencing is scheduled for March 18.
