Wilfredo Lam Artworks Purchased with Drug Proceeds Forfeited

Artworks purchased with drug trafficking money have been forfeited to federal authorities in the case of U.S. v. One Canvas and Three Ink Work Paintings by Artist Wilfredo Lam (Dist. Ct. N. Dist. FL 13-CV-8).  The paintings were surrendered by a convicted conspirator who was part of a $14 to $15 million drug trafficking operation during the 1980's, according to an Internal Revenue Service (IRS) criminal investigator's affidavit filed in court last week.  The defendant reportedly fled the jurisdiction in 1986 before being apprehended in 2011.

A plea agreement concluded by prosecutors in the northern federal district of Florida called for the surrender of the Wilfredo Lam paintings.  The IRS affidavit reports that the defendant accounted for $1.7 million in drug proceeds and admitted that drug money was invested in artwork.


This post is researched, written, and published on the blog Cultural Heritage Lawyer Rick St. Hilaire at culturalheritagelawyer.blogspot.com. Text copyrighted 2012 by Ricardo A. St. Hilaire, Attorney & Counselor at Law, PLLC. Any unauthorized reproduction or retransmission of this post is prohibited. CONTACT: www.culturalheritagelawyer.com

Museums and Arts Organizations At Risk for Losing IRS Tax Exempt Recognition: Is Your Organization on the List?

The IRS recently published a long list of non-profits that have not filed appropriate forms for the last three years. Many museums, historical societies, and arts organizations are featured. These groups risk losing their tax-exempt status if action is not taken soon.

The IRS is giving organizations the opportunity to keep their tax-exempt recognition so long as paperwork is filed by October 15, 2010.

See if you are on the list at
http://www.irs.gov/charities/article/0,,id=225889,00.html?portlet=7.