The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
12 Charged in $9M Diamond District Scam
The men allegedly passed bad checks, used forged documents and told tall tales to cheat wholesalers out of millions of dollars in melee.
New York--Federal authorities in New York have charged 12 men with fraud for allegedly running a worldwide scam that cheated diamond dealers out of more than $9 million in goods.
The U.S. Attorney’s Office in Manhattan said Wednesday that the FBI had been investigating a series of “predatory frauds” being perpetrated by this group since 2015.
The group, some of who allegedly are Russian gangsters, are said to have used a variety of methods to cheat victims of diamonds--they would write bad checks, give false references, use forged documents and tell “tall tales,” preferring always to deal in melee because it’s harder to track.
According to federal authorities, the gang’s most common technique was the “bust out.”
They would build up credit and trust with a victim by paying for goods on delivery before placing a huge order, essentially maxing out their credit with the victim, and then disappear with the diamonds.
When victims would insist upon payment, the men would simply give them the run-around, telling them their diamonds had been lost, sold to someone else who refused to pay, or that another member of the group would repay them.
According to the U.S. Attorney’s Office, the men charged in the case are: Godel Sezanayev (aka Gary); Mark Mullakandov; Albert Foozailov; Imanil Muratov (aka Eddy); Manashe Sezanayev (aka Michael); Nathan Itzchaki; Arkadiy Israilov; Ali Javidnezhad; Mark Natanzon; Sholom Muratov; Menachem Abramov; and Nizamuden Akbari.
The attorney’s office said Wednesday that 10 of the 12 men had been arrested while Javidnezhad and Akbari remained at large. No further updates were immediately available Friday morning.
The 30-page complaint filed in the case contains an affidavit by the FBI agent who worked it, and sections of its read like they were taken straight out of a Hollywood blockbuster--secretly recorded meetings, undercover operations and cash-stuffed duffel bags.
In one instance, the affidavit describes how one victim, who lost a total of $2.4 million in goods to this gang, was outfitted with a recording device by the FBI for one meeting with Godel Sezanayev, or “Gary,” who told him, “Take me to court … I pay you when I feel like it,” “Nobody can do [expletive] to me,” and “If I need, I [expletive] somebody if I want.”
The affidavit describes another instance in which this same victim got swindled by Manashe Sezanayev, or “Mike.” Mike gave the victim a duffel bag that purportedly contained more than $500,000 but turned
Sezanayev, Foozailov, Muratov, Sezanayev, Javidnezhad, Israilov and Akbari are each charged with conspiracy to commit wire fraud, for which they could serve up to 20 years in prison.
Wire fraud is financial fraud that takes place using telecommunications or information technology; in this case, the perpetrators are charged with wire fraud because they used the telephone in some of their allegedly fraudulent dealings.
Foozailov, Nathan Itzchaki, Mark Mullakandov, Mark Natanzon, Menachem Abramov and Sholom Muratov are charged with conspiring to commit mail fraud, which carries the same maximum sentence.
These six are charged with mail fraud because they allegedly convinced four diamonds dealers in Mumbai to send them more than $7 million in diamonds via interstate carrier but never paid for them.
The Latest

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

AGS also named the recipient of its “Women in Leadership” scholarship.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.


Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.

The “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.

The event is set for May 16-19 in Detroit, Michigan.

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

The organization has also announced this year’s slate of judges.

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Lori Tucker started at Williams Jewelers when she was 18 years old.

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

The “XO Tacori” collection was designed to blend luxury and accessible pricing.

Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.

National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.

Signatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.

The winning designs captured the “Radiance” theme.

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

The singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.

The bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.

The 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.