San Marino jewelry business closes am...

San Marino jewelry business closes amid charges of fraud

There are 32 comments on the Pasadena Star-News story from Nov 30, 2010, titled San Marino jewelry business closes amid charges of fraud. In it, Pasadena Star-News reports that:

Amid allegations of fraud, Asanti Fine Jewellers has closed its doors and filed for bankruptcy.

Join the discussion below, or Read more at Pasadena Star-News.

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----abc

United States

#1 Dec 1, 2010
All these people that claim BANKRUPTCY ARE NOTHING BUT THIEVES ! A neighbor of mine claimed bankruptcy about 3 months ago.Lately they have had 2-4 outings to LAS VEGAS ! And even bought their son a new van ! How is all this possible ? The wife has even opened up a new account with another CREDIT CARD ! All their assets should automatically be seized ! Where are the judges that will wake up and catch ALL THIS BANKRUPTCY FRAUD ! I wonder what country Boldo is from ?That might not even be his real name !
Tedious

Glendale, CA

#2 Dec 1, 2010
Nothing is more tedious than a wealthy investor who puts his money into a risky deal hoping to become MORE wealthy and then, when he loses money, cries and whines about it. Why is this even a story worthy of the Star News? Some rich guy has made a bunch of allegations and no court has ruled in his favor, that's it. Give me a break...

Since: Sep 10

Location hidden

#3 Dec 1, 2010
The recession has caused a lot of businesses to fail that were running marginally in the first place. If there was criminal activity here it is not proven, at least to date. But you would never catch me lending money to a jewelry business. It is a very competitive field and jewelry businesses fail all the time. It has always been that way. It is a shame that even businesses in San Marino are not immune to these economic bad times.
Concerned Customer

Los Angeles, CA

#4 Dec 1, 2010
And what about open orders (read: paid for in advance)? Will they be fulfilled? Nelson is not returning calls!
Rhino

Pasadena, CA

#5 Dec 1, 2010
I've met the owners of this store and they are good people. I refuse to believe that this is anything more than a luxury store that couldn't survive the bad economy. I'm sorry this guy lost $480k, but the owners probably lost more (when you add up money, time, reputation, etc.)-- this is an unfortunate story for everyone involved. Even more unfortunate that someone thought it needed to play out on the front page of the Star News instead of in a courtroom.
Andy K

AOL

#6 Dec 1, 2010
From what I know investors were asked to loan the business money and received a note with 12% interest, guaranted by the inventory. The owner claimed the money was safe, guaranteed by the inventory, some asked what happens if the inventory walked away, now they know.
Fair is fair

Claremont, CA

#7 Dec 1, 2010
If a contractor went out of business with debt, then criminal charges would be filed against him. How can a jewelry store or any other type of business use bankruptcy protection to cover mismanagement? This guys owes 8.5 million dollars? Where did the money go? Make house payments to a large home on the hill? Pay for the Mercedes or the kids in college? You can owe money for overhead, payroll and the like, but not in the tune of 8.5 million.

Even real nice people take care of themselves before others.He needs to produce the money or pay the piper.
Terrorists

North Hollywood, CA

#8 Dec 1, 2010
Tedious wrote:
Nothing is more tedious than a wealthy investor who puts his money into a risky deal hoping to become MORE wealthy and then, when he loses money, cries and whines about it. Why is this even a story worthy of the Star News? Some rich guy has made a bunch of allegations and no court has ruled in his favor, that's it. Give me a break...
Completely right on the point. good comment
Fat Republican Idiot

Riverside, CA

#9 Dec 1, 2010
Huh? A Republican Christian company committing felonies? That's unpossible! That would be a first.
Yo soy macho

Altadena, CA

#10 Dec 1, 2010
usually, luxury goods tend to be immune to recessionary periods.
Cry me a river

Alhambra, CA

#11 Dec 1, 2010
"...We do a guys’ night out in October that is pretty well received. It’s a poker night here at the store. We bring in models to model the jewelry. It’s a real stag night. We will invite 100 of our top clients and give them $250 in store credit to play. They play each other, and they cash out whenever they want to. The catch is that the chips can only be spent that night."

"...What happens at Asanti stays at Asanti." - Nelson Holdo, 2009
momoffour

Pasadena, CA

#12 Dec 1, 2010
I know the owner and his wife. They don't live in a mansion, nor do they drive big Mercedes Benzes. They are good people who put their blood, sweat and tears into a business for 20 years, and they have not been able to survive this tough economy. It is sad and I am sure very painful for them. They have given hundreds of thousands of dollars of donations to the community. Before people cast judgment, know the facts! In the last 3 years people have lost lots of money investing in the stock market, real estate (ask me about that! ouch) failed restaurants, and even yes, retail stores. It stinks, but it happens.
AMM

Pasadena, CA

#13 Dec 1, 2010
Dear Editor:
It is a shame when a prominent local business closes, but it is shameful when the media leaps on the closure for its own sensational gain. What public purpose was served by running the article about the closure of Asanti Jewelers in San Marino on page one, above the fold? Was there no important news to report?
Reporter Adolfo Flores' article focused on fraud allegations made by an Asanti investor. The investor's own lawyer was quoted in the story saying that the allegations were not a
determination that his client was right. Until a court renders a judgment, these are just the accusations of a disgruntled investor, hardly worth reporting.
The former proprietor of Asanti Jewelers has been an upstanding member of the community for years; he deserves the benefit of the doubt until proven otherwise. This was not the Star News' finest hour.

Jumping Jim

Since: Mar 10

Location hidden

#14 Dec 1, 2010
It wouldn't surprise me if all these people involved turn out to be a bunch of crooks.
Long Time Asanti Customer

Altadena, CA

#15 Dec 1, 2010
Dear Editor:

With all due respect, this article is an embarrassment. How can you run a story that is so terribly lacking in quotes from either party involved in the lawsuit? How can you publish something that alleges fraud without giving all parties equal opportunity to disclose the facts?

As a long time customer of Asanti I think you missed the opportunity to discuss the good that Nelson Holdo has done within the community. Asanti has been very generous with its time and resources to numerous worthy causes for a very long time (and without flaunting it).

It is too bad that in letting readers know about the closing you paint a man's reputation as being a fraud without offering anything more than superficial information aimed at anything but in-depth and balanced reporting. Did the author, Adolfo Flores, even attempt to contact Mr. Holdo? I mean, he is local so why not spend 5 minutes with the guy before you publish something with such significant consequences for him personally?

Is this the quality of all of your stories? If so the Star News should focus on the weather, sports and obituaries where there are few opportunities to publish such one sided pieces.

Regards,
LTAC
----abc

United States

#16 Dec 2, 2010
Jumping Jim wrote:
It wouldn't surprise me if all these people involved turn out to be a bunch of crooks.
You might be right ! Now other crooks are defending them.Angry at STAR NEWS for reporting a community story ! These people SPEND WAY to MUCH beyond their means and expect the WORLD to stop for them !
MyOpinion

Glendale, CA

#17 Dec 2, 2010
I don't dispute that Mr. Holdo was a active within the community and I am sorry that his business did not make it, but this article is not about Nelson's character, it's about financial irresponsibility. Seeking out investors and promising them 12% on their money, guarnteed on an inventory that you do not own, while not disclosing that you are over eight million dollars in debt and have no possible way of paying these monies back is FRAUD!

There is an arrogance that surrounds Holdo and his business and I believe that it is that arrogance that kept him seeking out new investors to fuel the facade of Asanti. What he should have done was be honest with his investors and honest with himself and thrown in the towel on this business years ago when it was clear that it was never going to produce anything more than additional debt and a rising number of disgruntled investors.

This story is news because it defines what is wrong with business today, the fact that the repoter did not sit down with Nelson Holdo to hear his spin does not make it any less of a story it only makes it clearer to understand. I don't think jail time is in order but several hundred hours of community service may breed a little humility in Mr. Holdo and remind him that it is wrong to cheat people in order to build your ego.
Hmmmm

Glendale, CA

#18 Dec 2, 2010
Hey Nelson, you forgot to sign your name... And if you were a long time customer, maybe that explains the 8m in debt... Did you buy it on store credit?
Long Time Asanti Customer wrote:
Dear Editor:
With all due respect, this article is an embarrassment. How can you run a story that is so terribly lacking in quotes from either party involved in the lawsuit? How can you publish something that alleges fraud without giving all parties equal opportunity to disclose the facts?
As a long time customer of Asanti I think you missed the opportunity to discuss the good that Nelson Holdo has done within the community. Asanti has been very generous with its time and resources to numerous worthy causes for a very long time (and without flaunting it).
It is too bad that in letting readers know about the closing you paint a man's reputation as being a fraud without offering anything more than superficial information aimed at anything but in-depth and balanced reporting. Did the author, Adolfo Flores, even attempt to contact Mr. Holdo? I mean, he is local so why not spend 5 minutes with the guy before you publish something with such significant consequences for him personally?
Is this the quality of all of your stories? If so the Star News should focus on the weather, sports and obituaries where there are few opportunities to publish such one sided pieces.
Regards,
LTAC
LOL

Marietta, GA

#19 Dec 2, 2010
You are all tools. Get a life.
A Fool And His Money

Pasadena, CA

#20 Dec 2, 2010
It's great that everybody wants to focus on the guy who owns the business, but how about the guy who invested $600k in a jewelry store? That's like investing in a restaurant or a race horse-- you don't do it with any realistic expectations of getting your money back-- much less getting your money back at 12%!

If the earlier poster is right and this guy did a deal that was secured by the assets of the store and didn't get a personal guarantey from the owner, than he deserves what he gets (or doesn't get).

The investor must not be a very sophisticated guy-- I feel bad for him, but even a rookie financial advisor could have told him to steer clear of putting money into a jewelry store without some real protection.

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