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Art dealer linked to collapsed DFM made bankrupt

Kent Reliance- Front doorAn art dealer linked to the collapsed discretionary fund manager Beaufort Securities has been declared bankrupt, the Times reports.

London-based Matthew Green was one of two directors behind Mayfair Fine Art.

The firm shut down in March last year shortly after Beaufort was told to cease regulated activities by the FCA.

Part of the charges against Beaufort by US authorities involved allegations that it hid the proceeds of “manipulative stock trading” through art purchases.

A new progress report from the administrators of Beaufort, Kingston Smith, says that as well as Mayfair Fine Art, the firm understands “the former director Matthew Green has now been made bankrupt” as well.FCA to be probed on knowledge of DFM Beaufort’s collapse

The Times says bankruptcy petitions show that investment bank MBU Capital Limited has called in an estimated £520,000 loan to Mayfair Fine Art.

An order dated February this year shows MBU issued bankruptcy proceedings against Green last February, while Green is in Spain at a recovery centre receiving treatment.

The allegations from US prosecutors around Green claim that he offered to help launder sums of money by selling a Picasso to an FBI agent involved in a sting operation.

The Times was unable to reach Green for comment.

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