Lawyer Accused of Extortion
Los Angeles police detectives have arrested a former Los Angeles city fire commissioner on charges of trying to extort $80,000 from a London insurance company in exchange for two contemporary paintings that had been stolen from a New York art gallery, authorities said Saturday.
Leon Kirakosian, 46, allegedly arranged to sell two works by artists Cy Twombly and Jean-Michel Basquiat to Lloyd’s of London. The paintings, which officials estimated to be worth about $500,000, were stolen from the Baghoomian Art Gallery in Manhattan during a burglary in January, 1991, police said.
New York police officers investigating the burglary learned that Kirakosian, who is a criminal defense lawyer, had allegedly contacted Lloyd’s of London to sell back the paintings, police said. They relayed the information to Los Angeles art theft detectives, who set up an undercover buy with Kirakosian, police said.
On Friday, an art appraiser, an insurance adjuster representing Lloyd’s and a detective met with Kirakosian in Los Angeles and exchanged $80,000 cash for the two paintings, police said. Kirakosian was arrested on suspicion of extortion and booked at the Parker Center Jail. He was released late Friday on $5,000 bail.
The recovered works were identified as “Loves Infinite Causes,” a 1973 Twombly painting valued at $139,200, and “Number 1,” a 1981 Basquiat piece valued at $369,600.
Kirakosian served on the Board of Fire Commissioners from 1988 to 1989, according to a spokesman for the Fire Department.
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