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Bail of Swindler in Art Fraud Case Is Raised

July 22, 1999|Jeff Leeds

A federal judge ordered convicted insurance swindler Steven G. Cooperman to post a $10-million bond and wear an electronic monitoring device until his sentencing, scheduled for Oct. 18. Cooperman, 57, was found guilty of conspiracy and other charges for arranging the disappearance of two paintings from his Brentwood home in 1992 to collect the insurance money. He eventually won a $17.5-million insurance settlement. U.S. District Judge Edward Rafeedie raised Cooperman's bail from $1 million to $10 million and ordered him confined to his Fairfield, Conn., estate until he secures a bond. He faces a maximum of 183 years in prison.

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