A former art dealer is scheduled to be arraigned today on three felony charges for allegedly failing to pay more than $1 million to the owners of paintings sold through his gallery, including former Hollywood powerbroker Michael Ovitz.
Perry Rubenstein, 62, is charged with three counts of grand theft by embezzlement, according to the Los Angeles County District Attorney’s Office.
Rubenstein allegedly claimed that he sold two paintings by artist Richard Price for Ovitz in 2013, totaling more than $1 million, according to the District Attorney’s Office.
He never paid his client and kept the proceedings, prosecutors allege.
Rubenstein is also accused of selling a painting by Takashi Murakami on behalf of art collector Michael Salke, but failing to turn over the full amount to him.
Rubenstein’s attorney, Stephen Sitkoff, told media, “We deny all these allegations and look forward to clearing his name and getting his reputation back. There’s no criminal conduct on Perry’s part.”
Media reported that Rubenstein’s gallery declared bankruptcy in 2014. He was arrested late Thursday in Santa Monica.
Prosecutors are recommending that Rubenstein’s bail be set at $1 million.
If convicted as charged, he could face up to 15 years in state prison, according to the District Attorney’s Office.
