Arraignment delayed for local artist facing 3 charges

The arraignment for a Newport Beach painter charged with conning a man out of more than $40,000 by using a Picasso sketch as collateral has been pushed back to Wednesday, prosecutors said.

Local artist Michael Schofield, 60, is charged with two felony counts of grand theft and one felony count of passing a check with insufficient funds.

Police began investigating Schofield in mid-January after a local real estate broker told police Schofield had not paid him back a $40,000 loan plus interest due months earlier, authorities said.

Schofield gave the man a Picasso sketch valued at $200,000 as collateral for the loan, then stole it back, according to investigators.

He was arrested two weeks ago in Dallas, thanks to an anonymous tip, and was extradited Wednesday.

If convicted, Schofield faces up to four years and four months in prison.

— Joseph Serna