Just about everyone who works in the New York art world knows Lisa Schiff, an art advisor to the rich and famous who worked with celebrities like Leonardo DiCaprio for many years. She was a highly visible presence at art fairs, on museum boards, and generally around town, running her glamorous boutique firm from a first floor gallery space in Tribeca whose entry wall was covered with a memorable floor to ceiling plant installation.

So media savvy that she had a PR firm on retainer, Schiff was frequently quoted as an expert in the art press, and she had longstanding relationships with journalists in town, including here at Artnet News, where she even wrote an op-ed last summer on the scourge of "meme art." That's why it came as such a shock to a lot of us this past May when a lawsuit dropped accusing her of essentially using her advisory firm to run a pretty extravagant Ponzi scheme.

So what exactly happened with Lisa Schiff? What is she accused of doing, and where do things stand today? This week, Artnet News's ace market reporter Eileen Kinsella dives into the saga.