A Southern California jewelry store owner is facing grand theft charges for allegedly swindling victims in Los Angeles and Orange counties out of $1.5 million for Rolex watches that never existed, officials announced Wednesday.
Nelson Andres Holdo allegedly ran the multiple-year luxury watch scam by targeting buyers who wanted to purchase high-end Rolex models valued between $50,000 and $100,000, California Attorney General Rob Bonta said.
Prosecutors contend Holdo falsely promised clients that he could source the requested watches through his overseas brokers, convincing buyers to wire the full purchase amount into his business bank accounts.
Although the victims were promised a delivery window of four to six weeks, the watches never arrived and the jeweler offered endless excuses and reassurances as the weeks turned into months, Bonta said.
When buyers finally demanded their money back, the jeweler allegedly agreed to issue refunds but ultimately pocketed the cash, leaving most of about two-dozen victims without their money, according to documents filed in Orange County Superior Court.
Holdo is also alleged to have defrauded a watch distributor who lost over $400,000 after selling high-end watches to the jeweler but never receiving payment.
“When corrupt individuals orchestrate complex schemes to siphon away people’s hard-earned money, my office will act swiftly,” Bonta said in a statement. “Those who manipulate the rules to enrich themselves at the expense of others will always be held accountable. Our mission at the California Department of Justice remains unwavering. We will continue to investigate, expose, and dismantle financial crimes and fraud across California to ensure a fair marketplace for everyone.”
Holdo’s age and hometown were not immediately available. The 23-count indictment does not name the jewelry store.