John Re, an East Hampton man accused of selling $2.5 million worth of fake Jackson Pollock artwork, pleaded guilty to one count of wire fraud in a New York federal court on December 1.
As part of his plea agreement, Mr. Re must pay back the money “representing the amount of proceeds traceable to the offense charged in Count One of the Indictment”—in other words, $2.5 million, according to court documents—and he could also face jail time. The maximum penalty for wire fraud is 20 years in prison, according to the U.S. Attorney’s Office for the Southern District of New York’s website.
In June, the FBI issued a warrant for Mr. Re’s arrest following an investigation that found he had sold works reputed to have been painted by the Springs artist Jackson Pollock, earning himself more than $1.8 million in the process.
Mr. Re is scheduled to be sentenced on April 10. His attorney, Annalisa Miron, could not be reached for comment.