After admitting that she had defrauded clients of $6.5m in connection with 55 pieces of art, a New York art advisor who counted Leonardo DiCaprio as one of her wealthy clients was sentenced to 30 months in federal prison on Wednesday.

Lisa Schiff cried as she apologized by name to her former clients and friends seated in the Manhattan federal court.

The Manhattan resident, 54, said: “I am a criminal, who has hurt clients, friends, and colleagues.” She called herself a coward for concealing her deceit, and “living extravagantly” on money she stole from people “who loved and trusted” her.

Schiff said with tears in his eyes, “I am guilty and I’m prepared to accept my punishment. I’m scared but ready.”

Schiff will report to prison on July 1.

Michael Barasch told the court one of Schiff’s victims had been welcomed into his family and invited to holiday parties and family gatherings.

He said, “Your conduct is disgraceful and goes beyond the theft of money.” “You broke my wife’s heart.” “You were her best friend or so she believed.”

Barasch estimated Schiff’s victims could lose up to $10 million when accounting for the cost of hiring lawyers and other experts to recover some of their losses.

“We’ll be lucky if we get even five cents per dollar. No victim will ever be made whole,” he said. Shame on you.

In announcing the sentence, Judge J. Paul Oetken called Schiff’s crimes, “quite brazen,” pointing out that her fraud lasted for about five years and affected more than a dozen customers.

He also noted that Schiff came from a loving family, appeared intelligent and thoughtful, and was raising her 12-year-old child as a single mom.

Oetken stated, “She is a person with a good character. It is hard to believe that someone with such talent could behave this way.”

Schiff was also sentenced to two years of supervision, forfeiture of almost 6.5 million dollars, and restitution for more than $9 million. She refused to make any comments outside of the courtroom.

Schiff admitted in October that she had defrauded her clients at Schiff Fine Art, an art advisory firm.

The prosecution claims that she either sold art belonging to clients or took their money for art she did not end up buying.

They claim that Schiff used her clients to fund a lavish lifestyle, including a $25,000 per month apartment, a business space of $2 million, and trips throughout Europe with shopping sprees in designer boutiques, and luxury hotel stays.

Schiff, according to prosecutors, rented a Greek Villa, a yacht, and helicoptor on one of his vacations.

She confessed her debts to a few of her clients after she was unable to conceal them in May 2023.

DiCaprio was one of Schiff’s clients during her long career in the world of art. The prosecutors say that among the victims of her fraud were 12 clients, a gallery, an estate, and another artist.

Wire fraud can result in a prison sentence up to 20-years, but as part of Schiff’s plea agreement, prosecutors suggested a sentence between 3 1/2 and 4 1/4 years.

In court on Wednesday, Assistant U.S. Attorney Cecilia Vogel urged Oetken not to forget the victims of the case. Many of them had written emotional letters to the court before Schiff’s sentencing.

She said, “The fraud was really extensive, and the damage here is significant.”

Vogel said that Schiff had only come clean about her crimes once it became clear that they would be made public.

Vogel stated, “She had reached a stage where she could no longer continue the fraud.”

Schiff’s lawyer, Randy Zelin, maintained his client has cooperated “on every imaginable level” in the criminal investigation and efforts to recover some of the stolen funds.

“My client can’t undo what happened,” he said. “She can accept responsibility. She can be devastated about it. But the best she can do is move forward.”