Diana Brooks has already pleaded guilty to one charge.

Sotheby's has pleaded guilty and will pay a fine of $45m (�31m).

It has also agreed to compensate more than 100,000 clients to the tune of $256m (�182m), more than half of which was funded personally by Mr Taubman.

Christie's have paid a similar amount.

Only Mr Taubman will stand trial as Sir Anthony is British and cannot be extradited to the US because there is no equivalent criminal offence in Britain.

If he is convicted, Mr Taubman faces a massive fine and up to three years in prison.

This will be on top of the $186m (�127m) he has already agreed to pay to cover Sotheby's expenses from the scandal.

Colourful past

Mr Taubman bought Sotheby's in 1983 when it was in the throes of a hostile take-over attempt.

He remains the company's controlling shareholder.

He grew up in a working class Jewish family in the American state of Michigan, during the Great Depression.

After dropping out of university he joined his father's construction industry and became a billionaire by building a shopping mall empire.

Along the way, Mr Taubman managed to place his name on three buildings at the University of Michigan, found a professional football team, and marry a former Miss Israel.