Attorney General Bonta Secures Sentence Against Southern California Jeweler for $1.7 Million Ponzi Scheme

LOS ANGELES - California Attorney General Rob Bonta today announced the sentencing of jewelry store owner Nelson Holdo for swindling 32 victims out of over $1.7 million through a Rolex watch and luxury jewelry Ponzi scheme. Holdo was sentenced to five years in state prison after pleading guilty to multiple counts of felony grand theft and writing fraudulent checks, as well as a white-collar crime enhancement.

"When bad actors use complex schemes to take away Californians hard-earned money, they will be held accountable," said Attorney General Bonta. "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."

The California Department of Justice (DOJ) filed charges against Holdo following an investigation that revealed the jeweler ran a luxury jewelry scam with the business names Mimi et Cie, LLC, LA Gems Private Jewelers, and Brivetti, LLC. He would target buyers who wanted to purchase high-end Rolex models valued between $50,000 and $100,000, as well as luxury jewelry. Holdo would convince the clients to wire the full purchase amount upfront into his business bank accounts, and then offered endless excuses and reassurances when the watches or jewelry never arrived. When buyers finally demanded their money back, Holdo agreed to issue refunds but ultimately pocketed the cash, leaving most victims without their money. The total loss to victims was over $1.7 million, with the conduct spanning multiple years in Orange and Los Angeles Counties.

This case was investigated by DOJ together with the Newport Beach Police Department. This case was prosecuted by DOJ's Special Prosecutions Section (SPS). SPS combats complex, multi-jurisdictional crimes by deploying specialized vertical teams of prosecutors, auditors, and paralegals. This unit focuses heavily on major financial crimes, including securities, mortgage, tax, and revenue fraud, alongside counterfeiting and underground economy offenses.