Connecticut Businessman Accused Of Lying About Art Sale Values To Pocket Money

NEW YORK (CBSNewYork/AP) -- A Connecticut businessman was arrested Wednesday on charges that he conspired to pocket hundreds of thousands of dollars illegally by lying about art sales.

Robert A. Olins, 58, was released on $150,000 bail from U.S. District Court in Manhattan after his Wednesday arrest.

Prosecutors said the West Hartford, Connecticut man was charged with conspiracy, obstruction of justice and bank fraud.

They said he understated the value of art sales to collect revenues that were supposed to go toward a $3.3 million disgorgement judgment that the Securities and Exchange Commission obtained against him for securities violations.

Olins was accused of teaming with an arts and antique dealer executive based in London and New York to understate the value of art sales in 2012 and 2013.

A lawyer for Olins declined comment.

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