Displaying items by tag: philip rivkin

In 2013, the US Attorney’s Office in Newark, New Jersey, filed an action seeking the forfeiture of a 2,000-strong collection of photographs valued at more than $15m. The works had been bought by Philip Rivkin, the owner of the Houston-based company Green Diesel, who this June pleaded guilty for his role in a massive biodiesel fraud scheme. The Attorney’s Office says the photographs were bought using the proceeds of the fraud, allegedly to launder the money.

United States authorities have seized over 2,200 pieces of art by pioneering American photographers including Alfred Stieglitz (1864-1946) and Edward Weston (1886-1958). The works, which were sent from Texas to New Jersey last year, were relocated to a warehouse in New York in July 2012. Before they were seized, the works were supposed to be shipped to Spain where they would be exhibited in a private home.

The U.S. Attorney’s Office in Newark, New Jersey announced in a court filing that the works, which are valued at approximately $16 million, were purchased with funds from a scheme that sold fake credits for renewable energy. The leader of the ploy is Philip Rivkin, owner and CEO of the Houston-based company, Green Diesel. Rivkin is accused of using money fraudulently funneled through his business to buy the photographs. Rivkin has not yet been charged with a crime.

The seized artworks include multiple Stieglitz prints including one his wife, the artist Georgia O’Keeffe (1887-1986), which was sold for $675,000 and an Edward Steichen (1879-1973) print titled Greta Garbo for Vanity Fair, which was purchased for $75,000. The court filing, which was announced on Friday, March 1, 2013, asks Rivkin to forfeit the works to U.S. authorities.