Former Pasadena Jeweler Sentenced to Prison for Running $1.7 Million Fraud Scheme

A former Pasadena jeweler who founded the long-running Asanti Fine Jewellers in San Marino and later operated for years as an independent private jeweler in downtown Pasadena admitted stealing nearly $1.7 million through fraudulent Rolex sales to victims in Los Angeles and Orange counties and 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 36 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.

Holdo’s connections to Pasadena and San Marino spanned 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.

“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.”