Gundlach’s $10 million in art recovered; 2 suspects charged
By Bloomberg | September 28, 2012 11:11 am
Jeffrey Gundlach, founder and CEO of DoubleLine Capital who had about $10 million in art stolen from his Santa Monica, Calif., home two weeks ago, said all the works were recovered.
Suspects were apprehended and the investigation is continuing, Mr. Gundlach said late Thursday in an e-mailed statement thanking Santa Monica police led by detective David Haro.
“This is a great day for the art world and all those who seek order and justice in our society,” Mr. Gundlach said.
Most of the paintings were found at Al & Ed’s Autosound in Pasadena, Calif., after Pasadena police received a tip, according to a statement from the Santa Monica Police Department. Four more were recovered from a residence in San Gabriel, Calif., and the final painting was found at a home in nearby Glendale.
Two suspects — Jay Jeffrey Nieto, manager of Al & Ed’s, and Wilmer Bolosan Cadiz, who lived in the San Gabriel home — were charged with possessing stolen property, according to a statement from Santa Monica police. A third person has been interviewed and is cooperating with investigators, according to the statement.
Mr. Gundlach offered $1.7 million in rewards, including $1 million for the recovery of a painting by Piet Mondrian, provided it isn’t damaged, and $500,000 for a Jasper Johns work and two pieces by Joseph Cornell.
After returning from a trip, the owner of a Santa Monica residence realized that several paintings, a red 2010 Porsche Carrera 4S, watches, wine and a small amount of cash had been stolen, the city’s police said last week in a statement. At least 10 paintings and five watches, including one Breitling, were taken. Police estimated the loss at more than $10 million.
Santa Monica police said its officers were assisted in the investigation by the FBI, U.S. Justice Department and Interpol. Investigators continue to follow up on leads regarding other possible suspects in the burglary and the location of the remaining stolen property.
News Editor Rick Baert contributed to this story.