MajorsOct 25, 2024
This New Bulgari Boutique Is on a YachtStarboard Luxury is bringing the Italian brand aboard The Ritz-Carlton Yacht Collection’s newest yacht.
CrimeJan 06, 2021
NY Jewelry Wholesaler Pleads Guilty to $200M Ponzi Scheme
Gregory Altieri solicited millions from investors by promising falsely inflated returns from the purchase and resale of closeout jewelry, the U.S. Attorney’s Office said.
New York—A Long Island man has pleaded guilty to wire fraud for running a two-year, $200 million Ponzi scheme.
According to the U.S. Attorney’s Office for the Eastern District of New York, Gregory Altieri falsely promised high rates of return for investments in wholesale jewelry purchases.
Beginning in August 2017, Altieri solicited between $75 million and $85 million in investments in his business, LNA Associates, from more than 80 investors in New York City and elsewhere.
The U.S Attorney’s Office said he told these investors he would use their money to buy jewelry at closeout prices and resell it for a profit, yielding returns of between 30 and 70 percent within months.
Though he did initially purchase some jewelry with their money, beginning in about May 2018, Altieri started using money from new investors to pay earlier investors, telling the latter they were receiving their returns.
According to the office, he also used those “returns” to convince investors to keep their money with LNA by rolling it over into new investments and buying additional jewelry.
By January 2020, Altieri had stopped making payments to any investors and, based on the falsely inflated returns he promised, owed them about $200 million.
As part of his plea deal, Altieri also admitted to committing securities fraud in connection with the scheme.
His sentencing is scheduled for March 31. He faces up to 20 years in prison.
More on Crime
The Latest
CollectionsOct 25, 2024
Piece of the Week: A Haunting Piece of Mourning Jewelry The pendant, circa the late 1700s, likely was commissioned to remember a loved one who died young.
MajorsOct 25, 2024
Artistry Releases Its 2025 CatalogIt features the brand’s products in the precious color, semi-precious color, pearl, diamond, gold, and sterling silver categories.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
EditorsOct 24, 2024
From a Witch to Wednesday: The Best Jewelry to Wear With Your Halloween CostumeFor her annual Halloween story, Associate Editor Lenore Fedow pairs fine jewelry with classic and contemporary Halloween costumes.
Weekly QuizOct 24, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsOct 24, 2024
Kering’s Jewelry Brands ‘More Resilient’ Than Other Luxury Goods in Q3 Sales fell 15 percent for the luxury conglomerate in the third quarter, led by a 26 percent drop in sales for flagship brand Gucci.
Events & AwardsOct 24, 2024
JA New York Fall Show Announces Education LineupThe education offerings include a diamond cutting demonstration, a session with JVC President Sara Yood, and a seminar on AI.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
MajorsOct 24, 2024
Phillip Gavriel Releases 2024-2025 Catalog The book features new styles and revived favorites.
SourcingOct 23, 2024
De Beers, Signet Lean Into Finding ‘The One’ in New Natural Diamond Campaign Aimed at a generation that emphasizes self-care and mental health, “Worth the Wait” breaks new ground in the world of diamond advertising.
EditorsOct 23, 2024
The Modern Bride’s Approach to Wedding-Day JewelryEditor Lauren McLemore immersed herself in New York Bridal Fashion Week to better understand the role fine jewelry plays on the big day.
Lab-GrownOct 23, 2024
Q&A: Constance Polamalu on Selling Natural and Lab-Grown DiamondsThe jeweler shared her change of heart on lab-grown diamonds and why she keeps them separate from natural diamonds in her business ventures.
IndependentsOct 23, 2024
Jade Trau Sails OverseasThe New York-based brand is expanding outside of the U.S., with a pop-up shop in London and plans to distribute internationally.
CollectionsOct 23, 2024
See Scott West Jewelry’s ‘Kryptonite’ and ‘Joker’ RingsThey’re available through a retailer that sells luxury products inspired by the lifestyle of Batman’s billionaire civilian persona.
WatchesOct 23, 2024
How to Get a Timex Watch for $1The watchmaker is selling 1,000 “Waterbury” watches for $1 each in celebration of its 170th anniversary.
SourcingOct 23, 2024
GemFair Buys 10,000th DiamondLaunched by De Beers in 2018, the program aims to develop a responsible sourcing model for the artisanal/small-scale diamond mining sector.
CollectionsOct 23, 2024
Robinson Pelham Releases New Jewels Just in Time for the Holidays The new “Ouche” collection brings sculptural designs to the brand, while the expanded “Daystar” collection brings a rainbow of colors.
AuctionsOct 22, 2024
Phillips to Auction Rare 18-Carat Burmese Ruby The auction house said the gemstone could fetch up to $5.5 million at next month’s sale.
ColumnistsOct 22, 2024
The Smart Lab: Tips for Preparing for Your Best Q4 YetFrom prioritizing the customer experience to optimizing inventory, columnist Emmanuel Raheb shares the keys to a successful holiday season.
Events & AwardsOct 22, 2024
WJA Foundation Names First Winner of Hedda Schupak Scholarship Journalist Priya Raj plans to use the scholarship funds to further her media qualifications and amplify marginalized communities.
MajorsOct 22, 2024
WNBA Champions New York Liberty Take Home Tiffany & Co. TrophyIt marks the first championship win in the team’s 28-year history.
IndependentsOct 22, 2024
Sissy’s Log Cabin To Open Seventh StoreThe Arkansas-based jeweler’s first store in the state’s northwest region is set to open next year.
SourcingOct 21, 2024
De Beers to List Single Country of Origin for Some of Its Diamonds It will start with rough diamonds that are larger than 1.25 carats and later expand to rough diamonds that are above 1 carat.
CollectionsOct 21, 2024
Pandora Turns Things Upside Down in New ‘Stranger Things’ CollectionThe capsule collection is inspired by friendship and connection, with a nod to ‘80s fashion.
AuctionsOct 18, 2024
Piece of the Week: Babe Paley’s Clip-Brooch NecklaceThe New York socialite’s elegant, transformable piece from the 1960s is headed to auction later this month.
Recorded WebinarsOct 18, 2024
Watch: 2 Experts on the Challenges of Appraising Lab-Grown DiamondsTexas jeweler Susan Eisen and NAJA’s Gail Brett Levine discuss how lab-grown diamonds have altered the landscape for jewelry appraisers.
MajorsOct 17, 2024
Retailer Hall of Fame 2024: Gina DrososSignet Jewelers CEO Gina Drosos’ secrets to success are listening to her team and leaning on data to make decisions.
