OC Jeweler Made $1.7M In Fake Rolex Sales Targetting OC And LA Victims

NEWPORT BEACH, CA — An Orange County jeweler who admitted stealing nearly $1.7 million through fraudulent Rolex sales to victims in Los Angeles and Orange counties was sentenced Monday to five years behind bars.

Nelson Holdo pleaded guilty last week in Orange County Superior Court to three counts of felony grand theft and writing fraudulent checks, as well as a white-collar crime enhancement. As part of his plea deal, roughly three dozen other counts were dismissed, authorities said.

Holdo swindled 32 victims out of hundreds of thousands of dollars for Rolex watches that never existed. According to the California Department of justice, the thefts occurred over several years, beginning in 2021.

Holdo targeted buyers seeking Rolex watches valued between $50,000 and $100,000. He would falsely promise clients that he could source the requested watches through his overseas brokers, convincing them to wire the full purchase amount upfront, prosecutors said.

The victims were promised a delivery window of four to six weeks, but were instead given endless excuses as weeks turned into months, with the watches never arriving.

When buyers demanded their money back, Holdo agreed to refunds but pocketed the cash, leaving most victims without their money.

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