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Authenticity is Everything
Jerry Gladstone and American Royal Arts Settle With Frank Caiazzo
In the summer of 2007, American Royal Arts sued Frank Caiazzo. The leading Beatles autograph expert, Caiazzo had given his opinion that a "Revolver" album [pictured] that ARA sold as signed by the Beatles was a forgery. It was considered a battle of good versus evil by many of us in the autograph hobby.
ARA's lawsuit against Caiazzo probably didn't work out as its president, Jerry Gladstone, had planned. It made the mainstream autograph hobby aware of galleries like his in tourist spots that cater to unwary and affluent fans, primarily selling forgeries. It caught the attention of the FBI, leading to an ongoing investigation into Gladstone, ARA, their main authenticator, Christopher Morales, and others. Victims became aware that they had been sold expensive forgeries by ARA and similar galleries. There were investigative reports on "ABC News 20/20" and "Inside Edition" over altered photos that ARA used to sell forged guitars. Caiazzo counter-sued ARA and Gladstone personally. And it ultimately led to ARA filing for a Florida bankruptcy of sorts—an Assignment for the Benefit of Creditors.
The legal battles between Caiazzo and Gladstone/ARA are finally over. On April 13, 2011, the judge overseeing ARA's assignment approved a settlement between the parties. And while, as usual, the terms of the settlement cannot be disclosed by the parties, you can bet it included a major six-figure payment to Caiazzo. He had no reason to settle for less and he wasn't going to. Gladstone and ARA were the ones that needed to settle, almost certainly because of concerns about what might come out in the lawsuit, especially in light of the FBI investigation.
So while I wouldn't say justice was served—how do you put a price on almost four years of pain that Caiazzo and his family didn't deserve?—that dark period is over for Frank. He can breathe a sigh of relief and go on with his life.
If anyone deserves it, Frank does.
Frank Caiazzo is a hero. He didn't cower like many would against such a wealthy and vicious opponent as Gladstone. He didn't retract his opinion that the "Revolver" was forged. Frank fought the battle for all of us, for the sake of the autograph hobby and fans and collectors everywhere. Try as Gladstone could to grind Frank into the ground, to ruin his reputation and his business...he failed. Frank didn't back down, at great personal cost.
Frank won.
We won.
I said it before and I'll say it again...
Thank You Frank Caiazzo.
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Comment by Steve Cyrkin, Admin on May 10, 2011 at 12:34pm
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@Richard:
My comments were not speculation.
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Comment by David H. Downs on May 10, 2011 at 12:44pm
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Hahaha
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Comment by Richard S. Simon on May 10, 2011 at 3:15pm
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Well Steve if your comments about the settlement are not speculation what are they?
Are they fact? If so, how do you know and nobody else does except the parties in the lawsuit.
And congrats to Frank, btw.
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Because Frank, who I had never even spoken to before Gladstone sued him in 2007, is now a very good friend. I don't now the terms, exact number, etc. But I know what his minimums were before he started negotiating.
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Comment by Bill Panagopulos on May 11, 2011 at 10:58am
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It ain't over for Frank. He's still hosed, owes tons, and Jerry walked.
A pyrrhic victory.
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Comment by sling on May 11, 2011 at 1:05pm
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Let Frank speak for himself. Further the only true things at risk during this lawsuit was money-maybe 2% jail time probability.The Fed eye is of much greater concern to Mr. Glad as can be.
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Comment by Thomas Vanghele on May 12, 2011 at 8:02am
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Through our friendship and professional association over these many years, I owe the success of my Beatles autograph business to Frank Caiazzo. His passion, integrity, loyalty and fortitude has had a most positive and gratifying influence on me. There is no one better in his field. There is no better friend. Congratulations Frank ... on your new association with R&R Auctions !
Thomas Vanghele
Proprietor
Fab 4 Collectibles
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Someone read my blog about Caiazzo suing Gladstone and ARA and I realized I didn't put a link in it to this post about the settlement. When I read it again, it reminded me of a bizarre post a few weeks later on one of those anonymous websites the forgery industry uses. They took it down, but I saved a screen shot of it. Click to enlarge:
I think it's pretty clear who wrote that take-off on this blog, so since I didn't sign a confidentiality agreement, I'll clear things up once and for all. I do know absolutely for sure that Jerry Gladstone paid Caiazzo; not the other way around as it says in the anonymous post attached.
Gladstone tried to force me to take down everything negative on our sites about him and ARA as a condition of his settlement with Frank, and not let anything negative about them be published on our sites again. Frank didn't want me to compromise what I consider my duty, but it killed me because what they did to Caiazzo was plain evil and needed to end. Gladstone's lawyer also implied they would sue me for defamation if I didn't do it in any case.
I refused...I offered a couple of small bones but I wouldn't take anything down or keep people from writing and discussing ARA and Gladstone in the future. Once they saw they weren't getting anywhere they lowered their offer to Caiazzo. While no one shared numbers with me, I do know they eventually raised again but I don't know by how much.
So yes...I know for sure they paid Frank Caiazzo money...WELL in the six-figures. But it certainly didn't come close to making up for what Gladstone did to Frank. If anyone has a guaranteed reservation in Hell...Gladstone does.
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Comment by CJCollector on February 11, 2012 at 1:16pm
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Steve, I remember reading that. That's actually a very amusing post at best from John Jacob when he writes "Jerry won, we won." Oh really.............
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"If anyone has a guaranteed reservation in Hell...Gladstone does."
Mark Twain said it best when he was quoted about a publisher who cheated him for years (this was 25 years after the publishers death) "My bitterness against him has faded away and disappeared. I feel only compassion for him and if I could send him a fan I would."
We can send Gladstone an air conditioner.
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