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A Newport Beach artist charged with using someone else’s Picasso sketch as collateral for a $40,000 loan pleaded guilty Tuesday in a deal that spared him years of prison time.
Michael Schofield, who pleaded guilty to two counts of grand theft and one count of bouncing a check, was sentenced to 300 days in prison. He was given credit for 31 days served. Schofield was arrested Feb. 1 in Dallas on a $50,000 warrant.
Public Defender Richard Carmona declined comment after the sentencing.
Authorities accused Schofield of using the Picasso drawing to get the loan and then trying to repay some of it with a $5,000 check that bounced. The drawing, which Schofield was accused of taking back, was valued at $200,000.
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