Edemar Cid Ferreira

Edemar Cid Ferreira (born 31 May 1943) is a former Brazilian economist, banker, and art collector.[1] He was the founder and head of Banco Santos, which went bankrupt in September 2005.[2][3] Ferreira was convicted in Brazil of bank fraud, tax evasion, and money laundering.[4] He began serving 21-year prison sentence in December 2006.[5] As part of the case, a judge ordered the search, seizure and confiscation of assets that were acquired with illegally obtained funds from Banco Santos. Ferreira assembled a 12,000-piece art collection while he controlled Banco Santos.[4] Before his arrest, he smuggled his collection out of Brazil.[1] The United Stated government seized items from a storage facility in New York that didn't comply with customs laws. They returned Basquiat's Hannibal painting, a Roy Lichtenstein, a painting by Joaquin Torres Garcia, a Serge Poliakoff and other works with an estimated value of $20 million to $30 million.[1]

References
  1. "Bad Banker's $8 Million Basquiat Smuggled With Shipping Invoice for $100 Returns Home | artnet News". artnet News. 2015-06-19. Retrieved 2017-08-14.
  2. "StAR - Stolen Asset Recovery Initiative - Corruption Cases - Edemar Cid Ferreira/ Banco Santos, S.A. Art Repatriation Case". star.worldbank.org. Retrieved 2017-08-14.
  3. felipemello. "Edemar Cid Ferreira e o leilão do ano". CartaCapital (in Portuguese). Archived from the original on 2017-08-25. Retrieved 2017-08-14.
  4. Cohen, Patricia (May 13, 2013). "Valuable as Art, but Priceless as a Tool to Launder Money (Published 2013)". The New York Times. ISSN 0362-4331. Retrieved 2021-01-18.
  5. Reagan, Gillian (February 14, 2008). "Missing $8M Basquiat Art Reappears in UES Warehouse". Observer. Retrieved 2021-01-18.


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