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 this week to five years behind bars.
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Nelson Holdo pleaded guilty last week in Orange County Superior Court to three counts of felony grand theft and writing fraudulent checks.
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, authorities said. According to the California Department of justice, the thefts occurred over several years, beginning in 2021.
Holdo targeted buyers seeking Rolex watches valued at $50,000 to $100,000.
He promised clients that he could source the requested watches through his overseas brokers, persuading them to wire the full purchase amounts upfront, prosecutors said.
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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, authorities said.
When buyers demanded their money back, Holdo agreed to refunds but kept the cash, authorities said, 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 has said in a statement.
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