Jeffrey Gundlach's stolen artworks have been found; 2 suspects charged


1 October 2012

Jeffrey Gundlach who had about $10 million in art stolen from his Santa Monica home two weeks ago, said all the works were recovered.

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 possession of stolen property. A third person has been interviewed and is cooperating with investigators, according to the statement.

Jeffrey Gundlach had offered a $1.7-million bounty for the return of his collection, including $1 million for the recovery of a Mondrian painting called 'Composition (A) En rouge et blanc', which is said to be the highest ever reward for a single painting. Gundlach did not know at this point who, if anybody, would get the reward.

Investigators continue to follow up on leads regarding other possible suspects in the burglary and the location of the remaining stolen property.

Read also: 25/09/2012: Art collector offers $1.7 Million reward for stolen art


Read more

Follow ArtListings


Site by Artimin