In Business This Week
PAINTING AN ART MAVEN INTO A CORNER
On Apr. 27, U.S. marshals arrested financier Roberto Polo. They were acting on a Swiss warrant charging him with fraud and embezzlement. Polo, an art collector and once the toast of the international art set, allegedly bilked investors out of $120 million through his Private Asset Management Group. Efforts to recover the money by selling Polo's artwork brought in just a fraction of the losses.
The Swiss arrested Polo once before, in Italy in 1988. He was released on bail and skipped the country in 1989. Since 1990, Polo has been working as an artist in Miami. He made no secret of his whereabouts, even consenting last November to an interview with BUSINESS WEEK. Through his lawyer, Polo denies the charges. An extradition hearing is set for July.EDITED BY DEIDRE A. DEPKE