An art dealer who lured investors into an alleged Ponzi scheme finally turned himself in last week.
The dealer, 36-year-old Donald Dean Seybold, the owner of Ernst & Ernst Collectors Gallery in Cannon Beach and Seaside, Oregon, was indicted by a federal grand jury in Portland on nine counts of wire fraud for allegedly investing profits from earlier art deals into subsequent transactions. Seybold allegedly raised money from investors by telling them they could participate in the sale of art in deals that he had already put together. Authorities believe the losses for the 100 investors involved add up to about $3.2 million. Seybold is also charged with lying to artists and investors who consigned art through his galleries. He has pleaded not guilty.
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