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CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi Scheme
Nelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
Nelson Holdo, a jeweler in Newport Beach, California, who pleaded guilty to several counts of felony grand theft and writing fraudulent checks, was sentenced to five years in state prison, the California Attorney General’s office announced this week.
Los Angeles—A Southern California jeweler has been sentenced to five years in state prison after pleading guilty to multiple charges related to a luxury watch and jewelry Ponzi scheme that bilked 32 people out of more than $1.7 million.
Nelson Holdo pleaded guilty to multiple counts of felony grand theft and writing fraudulent checks, as well as a white-collar crime enhancement, California Attorney General Rob Bonta said in a news release issued Monday.
The judge also ordered Holdo to pay restitution, the Los Angeles Times reported.
“When bad actors use complex schemes to take away Californians’ hard-earned money, they will be held accountable,” Bonta said.
“Let this announcement be a warning to those who would enrich themselves at the expense of others. The California Department of Justice will continue to investigate, expose, and dismantle financial crimes and fraud across California.”
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Nelson Holdo pleaded guilty to multiple counts of felony grand theft and writing fraudulent checks, as well as a white-collar crime enhancement, California Attorney General Rob Bonta said in a news release issued Monday.
The judge also ordered Holdo to pay restitution, the Los Angeles Times reported.
“When bad actors use complex schemes to take away Californians’ hard-earned money, they will be held accountable,” Bonta said.
“Let this announcement be a warning to those who would enrich themselves at the expense of others. The California Department of Justice will continue to investigate, expose, and dismantle financial crimes and fraud across California.”
Holdo perpetrated his luxury jewelry scam using the business names Mimi et Cie LLC, LA Gems Private Jewelers, and Brivetti LLC, according to the California Department of Justice (DOJ).
He targeted buyers seeking high-end Rolex models valued between $50,000 and $100,000, as well as luxury jewelry, and convinced them to wire the full amount of their purchase upfront.
When weeks to months passed and the jewelry still had not arrived, he offered “endless excuses and reassurances,” the DOJ said.
When buyers demanded their money back, Holdo agreed to issue refunds but ultimately pocketed the cash.
The scheme went on for multiple years in Orange and Los Angeles counties.
Following an investigation with the Newport Beach Police Department, the DOJ filed charges against Holdo in May for what it described as a “phantom Rolex” scheme.
As part of his plea deal, about three dozen counts were dismissed, according to the LA Times.
This case was prosecuted by the DOJ’s Special Prosecutions Section, a unit focused on major financial crimes.
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