Among those who pleaded not guilty was Hillel Nahmad, of the prominent Helly Nahmad art gallery.

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" Says nephew Helly, about changing the agreed-upon price: "I've never done that in my life.

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This heritage is most visible during the Up Helly Aa fire festivals in Shetland, which culminate in the burning of a replica Viking galley.

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Helly Nahmad, son of a billionaire art collector, was arrested in Los Angeles later Tuesday and faces similar charges at his arraignment, prosecutors said.

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Manhattan dealer Jack Tilton says he's done deals with the New York Helly and is in negotiations with him about the family's stock of Monets.

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"It's called defending your inventory, " explains David's son Helly.

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At the same time as Mr. Trincher's arrest, the FBI said it staged a raid roughly 20 blocks north at the Helly Nahmad Gallery inside the Carlyle Hotel on Manhattan's Upper East Side.

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"The only reason we sell is to fuel our ability to buy, " says David's son Helly, 29, who runs a gallery in the posh Carlyle Hotel on Madison Avenue. (Helly's cousin, also named Helly Nahmad after their grandfather Hillel in the Sephardic Jewish tradition, runs a gallery in London.) And while there is a cost to holding that inventory, the family's currency business helps support their art strategy.

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