Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
3 Indicted in $6.5M Diamond Investment Scheme
A federal grand jury in Dallas has indicted three men on various charges stemming from their alleged involvement in a scheme to defraud investors.
Dallas--Three Texas men have been indicted by a federal grand jury on various charges stemming from their alleged involvement in a diamond investment fraud scheme run between March 2011 and November 2013.
According to the U.S. Attorney’s Office for the Northern District of Texas, three defendants--Craig Allen Otteson, 64, Jay Bruce Heimburger, 58, and Christopher Arnold Jiongo, 55--surrendered to federal authorities on Sept. 9 and made their first court appearances that afternoon.
They were all released on bond.
The 10-count indictment charges each defendant with one count of conspiracy to commit wire fraud and three counts of wire fraud. Otteson and Heimburger also are each charged with six counts of mail fraud.
According to the indictment, Otteson acted as the managing member and chief compliance officer of Stonebridge Advisors LLC in Dallas, which was involved as the managing partner of Worldwide Diamond Ventures LP, a company that bought and resold diamonds on the international market but filed for bankruptcy in the Northern District of Texas in October 2013.
The indictment alleges that initially the defendants attempted to raise funds for Worldwide Diamond by offering the sale of additional limited partnerships--with a minimum amount of $100,000--in the company, but were unable to raise sufficient capital funds this way.
Then, in March 2011, the defendants attempted to raise additional necessary funds by offering “Non-Recourse Promissory Notes” (diamond notes), hiring three outside companies to market and sell the diamond notes to investors in Texas, Pennsylvania and California. Each $50,000 diamond note had a nine-month maturity date and an 8 percent rate of return.
The defendants promised investors that all of their funds would only be used to purchase and resell diamonds but defrauded them by concealing that they used nearly $2.5 million of the capital to make unauthorized loans to third parties.
Between March 2011 and May 2013, a total of 77 investors sunk approximately $6.5 million into the company.
If convicted, Otteson, Heimburger and Jiongo face a maximum statutory penalty of 20 years in federal prison and a $250,000 fine. The indictment also includes a “forfeiture allegation” requiring them, upon conviction, to forfeit the proceeds obtained as a result of the fraud.
The attorney’s office did not respond to a request for more information on what was next for Otteson, Heimburger and Jiongo.
The Latest
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.