“Kudos to the California Department of Justice and the Newport Beach Police Department for uncovering multi-year fraud that caused financial harm to dozens of victims. Through their work, the jeweler was held accountable and the case was brought to justice.”

CSLEA President Alan Barcelona

LOS ANGELES — On August 31, 2026, California Attorney General Rob Bonta announced the sentencing of jewelry store owner Nelson Holdo for swindling 32 victims out of more than $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.

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.