Some years ago the first incarnation of Mel Brooks’ classif film, “The Producers,” first hit the screens. Then came the Broadway play, and then a remake of the original film. the remake wasn’t nearly as funny as the original film, despite the larger budget and greater production value. But I digress.
What was at the heart of the story was that if you produce a guaranteed Broadway flop, you would not be obligated to pay back your investors. It was their loss, a bad investment, etc. So the two central characters in “The Producers” seek out the guaranteed flop. Rather than merely sell 100% of their play to the investors, they sell the play to many investors, many times over. With the show a sure flop, no one will be the wider that the investment shares were oversold. Great idea, but then it is a comedy, and things do go wrong. Most of you, I’m sure, know the story.
Additionally, with some paintings, Salander claimed ownership, but that claim is allegedly false. He is charged with selling paintings he didn’t own. In all, he may have made as much as $100 million and climbing. Not bad when you ar ein life imitating art, which is imitating art.
This is but one more way to get scammed. Realize that the average person wakes up in the morning and is concerned about their coffee and muffin. They are usually honest people who are worried about their business, their investments and keeping afloat in a lousy economy. The recession is on their minds and with many investments stunted by the economic meltdown. They are prone to take risky movies in order to rescue their businesses or help themselves out of a jam. the last hting on their minds, for the most part, is figuiring out how to scam someone. How to willingly commit fraud.
But there are people out there who wake up every day working on their new fraud scams. Be it the Ponzi Scheme, the mortgage fraud or something crazy like this art scheme, there are guys who are determined to relieve you of your money. This is what they think bout while you consider whether or not to add more cream to your coffee. In these times, chicanery of every sort emerges, like some of these people, from under a rock.
Protect yourself with business research. Conduct thorough background checks on businesses and on the individuals who purport to own them. History reveal that criss can bring out the best of us, but can also bring out the worst of us as well. Don’t become a victim. Check them out before you get involved.
But then here comes Lawrence B. Salander. He is charged with art fraud. Why? According to the New York Times and New York District Attorney, Robert Morganthau, Salander sometimes sold the same painting to more than one buyer. He actually sold shares in a painting, with each of thre einvestors getting a full 50%. That would total out to 150% of the painting. Not good. Enter the notion of “The Producers” or how art imitates life and thenlife imitates art.
