Felony Charges Filed Against Former Pasadena Jeweler in $1.5 Million Rolex Fraud Case

California Attorney General Rob Bonta on Wednesday announced 23 felony counts against Nelson Andres Holdo, a former Pasadena jeweler who founded the long-running Asanti Fine Jewellers in San Marino and later operated as an independent private jeweler in downtown Pasadena, alleging Holdo defrauded 22 victims of nearly $1.5 million in a phantom Rolex scheme that spanned more than four years.

Prosecutors allege Holdo accepted upfront wire payments for high-end Rolex watches he promised to source through overseas brokers, delivered nothing, and pocketed the refunds he later agreed to issue.

The case, People v. Nelson Holdo, Case No. 26HF0776, was filed in Orange County Superior Court at the Harbor Justice Center, and is being prosecuted by the California Department of Justice with significant assistance from the Newport Beach Police Department, according to a press release issued Wednesday by the Attorney General’s Office.

The First Amended Complaint, signed by Deputy Attorney General Sterling A. Winchester on May 11, charges Holdo with 21 counts of grand theft under Penal Code Section 487(a) and two counts of writing a non-sufficient funds check under Penal Code Section 476a(a).

The conduct charged in the complaint runs from September 15, 2021, when prosecutors say Holdo took $115,000 from a Los Angeles County buyer identified as Artin M., through January 15, when prosecutors allege he took both a Rolex Submariner watch and $33,500 from an Orange County buyer identified as John M.

According to the Attorney General’s press release, Holdo targeted buyers seeking Rolex models valued between $50,000 and $100,000. He allegedly convinced them he could source the watches through his overseas brokers and persuaded them to wire the full purchase amount upfront into his business bank accounts.

Victims were told to expect delivery within four to six weeks, but the watches never arrived, the press release said, and Holdo offered repeated excuses as weeks turned into months.

When buyers finally demanded their money back, the release said, Holdo agreed to refunds but pocketed the cash.

The complaint also alleges Holdo defrauded a watch distributor of more than $400,000 by accepting high-end watches without paying for them.

“When corrupt individuals orchestrate complex schemes to siphon away people’s hard-earned money, my office will act swiftly,” Bonta said in the press release. “Those who manipulate the rules to enrich themselves at the expense of others will always be held accountable.”

The two largest individual losses alleged in the complaint involve victims identified by initials only. M.G. lost $438,900 between February and November 2022, prosecutors allege, and W.G. lost $254,000 between March and May 2022.

The complaint further alleges Holdo delivered W.G. a check for $177,500 in July 2022 with insufficient funds. A second non-sufficient funds check count alleges Holdo passed a $30,000 check drawn on JP Morgan Chase Bank to a victim identified as M.M. in August 2025.

A separate count alleges Holdo fraudulently appropriated a Tiffany & Company diamond ring entrusted to him by the same victim a month earlier.

The complaint also alleges Holdo committed 11 of the charged counts while released on bail or own recognizance in an earlier Orange County case (No. 23HF2150), and seven of those counts while also released in a Los Angeles County case (No. 25PDCF0012501).

Special allegations attached to the complaint include an aggravated white-collar enhancement under Penal Code Section 186.11(a)(2) for losses exceeding $500,000, a loss enhancement under Section 12022.6(a)(2) for property valued over $200,000, and a denial-of-probation allegation for theft over $100,000.

Holdo’s connection to Pasadena and San Marino spans decades. According to his professional biography, he was born and raised in Pasadena, attended Polytechnic School and Caltech, and earned a diploma in gemology from the Gemological Institute of America in 1981.

He founded Asanti Fine Jewellers at 2670 Mission Street in San Marino in 1991 and operated the salon until its closure following the 2008 economic downturn.

According to a report in the Pasadena Star-News cited by trade publication The Centurion, Asanti filed for Chapter 7 bankruptcy after closing. Asanti also operated a second boutique inside the Ritz-Carlton Huntington Hotel & Spa in Pasadena, according to the company’s archived “About Us” page.

From 2011 to 2014, Holdo served as president of Newport Beach-based Black, Starr & Frost, according to his biography. After that contract ended, he returned to working as a private jeweler based in the Pasadena and San Marino area, identifying himself professionally as a Pasadena-based private jeweler.

The Attorney General’s press release noted the standard charging-document caveat: “It is important to note that a criminal complaint contains charges that are only allegations against a person. Every defendant is presumed innocent until proven guilty.”

Defense counsel for Holdo was not identified in the complaint or the Attorney General’s announcement. A copy of the criminal complaint has been posted by the Attorney General’s Office at oag.ca.gov.