Artist, fugitive evading police

Newport Beach police issued a $50,000 arrest warrant for a local artist accused of using a Picasso drawing he did not own as collateral for a loan, police said Wednesday.

Michael Schofield, 60, a Newport Beach painter with works listed on several websites, is being charged with two counts of grand theft and one charge of having insufficient funds for a check, Sgt. Mike McDermott said.

“We believe he knows the police are looking for him,” McDermott said.

Schofield abandoned his apartment on Balboa Island, where he has since been evicted, and police have been unable to locate him, McDermott said.

The investigation began Jan. 14 after Newport Beach real estate broker Jeff Stokes filed a complaint against Schofield for giving him a loan under false pretenses. Stokes alleges he received the Picasso drawing, “Le Couple,” as collateral for the $40,000 loan in the spring.

Schofield was supposed to pay the loan back in six weeks with interest, Stokes said. When Stokes moved to Corona del Mar over the summer, he gave the drawing back to Schofield to hold.

“I was foolish. I had no reason not to trust him,” Stokes said. He said he never got the painting or the money back. Schofield gave Stokes a check for $5,000 as payment, but it bounced, police said.

In a separate incident, Schofield allegedly convinced an Irvine man to pay him more than $1,800 for having artwork valued at $60,000 repaired in Los Angeles, McDermott said. Schofield told the man he paid for the repairs up front, police said. That turned out to be false, McDermott said.

“He’s a good talker,” McDermott said.

Police are urging additional victims or anyone with information regarding Schofield’s whereabouts to contact McDermott at (949) 644-3765 or Det. Dave Miner at (949) 644-3764.

JOSEPH SERNA may be reached at (714) 966-4619 or at joseph.serna@latimes.com.