A Southern California jewelry store owner was sentenced to five years in state prison for running a Ponzi scheme that defrauded 32 victims out of more than $1.7 million, California Attorney General Rob Bonta announced.
Nelson Holdo pleaded guilty to multiple counts of felony grand theft, writing fraudulent checks, and a white-collar crime enhancement. He operated the scheme through three business names: Mimi et Cie, LLC, LA Gems Private Jewelers, and Brivetti, LLC, according to prosecutors.
Holdo targeted buyers interested in purchasing high-end Rolex watches valued between $50,000 and $100,000, as well as luxury jewelry. He would convince clients to wire the full purchase amount upfront into his business bank accounts, then offered endless excuses and reassurances when the watches or jewelry never arrived, authorities said.
When victims finally demanded refunds, Holdo agreed to issue them but instead pocketed the cash, leaving most victims without their money. The scheme spanned multiple years in Orange and Los Angeles counties. The case was investigated by the California Department of Justice together with the Newport Beach Police Department and prosecuted by the DOJ's Special Prosecutions Section, which targets complex, multi-jurisdictional financial crimes.