The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
NY Jewelry Wholesaler Pleads Guilty to $200M Ponzi Scheme
Gregory Altieri solicited millions from investors by promising falsely inflated returns from the purchase and resale of closeout jewelry, the U.S. Attorney’s Office said.
New York—A Long Island man has pleaded guilty to wire fraud for running a two-year, $200 million Ponzi scheme.
According to the U.S. Attorney’s Office for the Eastern District of New York, Gregory Altieri falsely promised high rates of return for investments in wholesale jewelry purchases.
Beginning in August 2017, Altieri solicited between $75 million and $85 million in investments in his business, LNA Associates, from more than 80 investors in New York City and elsewhere.
The U.S Attorney’s Office said he told these investors he would use their money to buy jewelry at closeout prices and resell it for a profit, yielding returns of between 30 and 70 percent within months.
Though he did initially purchase some jewelry with their money, beginning in about May 2018, Altieri started using money from new investors to pay earlier investors, telling the latter they were receiving their returns.
According to the office, he also used those “returns” to convince investors to keep their money with LNA by rolling it over into new investments and buying additional jewelry.
By January 2020, Altieri had stopped making payments to any investors and, based on the falsely inflated returns he promised, owed them about $200 million.
As part of his plea deal, Altieri also admitted to committing securities fraud in connection with the scheme.
His sentencing is scheduled for March 31. He faces up to 20 years in prison.
The Latest
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
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.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
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.
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.