smith partner art investment firm 11m fraud 2568860

Smith and Partner, a London-based art investment firm, has been accused of defrauding over a thousand investors out of $11 million through a scheme involving high-pressure sales of limited edition art prints with promises of future returns that rarely materialized. The company, founded by Austrian citizen Peter Paul Adam in 2015, faced complaints from 2020 onward, leading to its bank freezing accounts and an investigation by British Trading Standards. Liquidators are seeking $17 million in compensation, and a High Court judge has upheld asset freeze orders against former director Luke Sparkes and his company Zeno Fine Art, which allegedly inflated print prices by nearly 500 percent.