Southern California jeweler accused of stealing $1.5 million from customers through Rolex watch scam

A Southern California jeweler allegedly stole nearly $1.5 million from customers through a fraud scheme involving Rolex watch sales.

Nelson Andres Holdo is accused of scamming 22 victims in Orange and Los Angeles counties from 2021 to 2026, according to the California Attorney General’s Office.

Prosecutors said Holdo specifically targeted buyers who wanted to purchase high-end Rolex models priced between $50,000 and $100,000. 

He would falsely promise to source the clients’ requested watches through his overseas brokers and would convince customers to wire him the full purchase price upfront, prosecutors said.

The victims were told that the watches would arrive within four to six weeks. When the timeline lapsed and no watches arrived, Holdo would reportedly offer “endless excuses and reassurances as the weeks turned into months,” investigators said.

“When buyers finally demanded their money back, the jeweler agreed to issue refunds, but ultimately pocketed the cash, leaving most victims without their money,” court documents said.

Holdo was also accused of not paying a watch distributor for high-end watches that were sold to him, worth over $400,000.

Holdo was charged with grand theft, writing a fraudulent check and other white-collar crime enhancements.

The case will be prosecuted by the California Department of Justice. The DOJ received assistance from the Newport Beach Police Department in the investigation.