California DOJ announces felony charges in $1.5 million SoCal Rolex watch scheme

The California attorney general announced felony charges against a jewelry store owner who allegedly stole nearly $1.5 million through fraudulent Rolex sales to victims in Los Angeles and Orange counties.

Nelson Andres Holdo is accused of swindling 22 victims out of hundreds of thousands of dollars for Rolex watches that never existed. According to the CA DOJ, the thefts occurred over several years, beginning in 2021.

Charges include grand theft and writing a fraudulent check, with white-collar crime enhancements. The DOJ received significant assistance from the Newport Beach Police Department in the investigation. 

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

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 allegedly pocketed the cash, leaving most victims without their money.

In addition to individuals, the jeweler also defrauded a watch distributor who lost over $400,000 after selling high-end watches to the jeweler but never receiving payment, according to the CA DOJ.