STOLEN $10 MILLION ART COLLECTION RECOVERED

LAObserved

That $10 million art theft at the home of Santa Monica bond trader Jeffrey Gundlach has been solved — or at least he has gotten his artwork back and two men have been arrested. I guess rewards work when they are big enough. Gundlach had offered $1.7-million. From the LA Times:

“The focus was on recovering the artwork, and it was all recovered,” Gundlach told The Times. “The thieves had worked on moving the property, but we were able to get a good lead and apprehend them. It’s a great day for the art world.”

Santa Monica police arrested two suspects in the crime, and Gundlach said that at least one of the pieces was in the midst of being sold.

The big break in the case came Wednesday when Pasadena police officers received a tip that the stolen art was held at an automobile stereo shop, Santa Monica police said in a news release. Officers raided the Al & Ed’s Autosound store on South Rosemead Boulevard, recovered all but one of the stolen paintings and arrested the store’s manager — Jay Jeffrey Nieto, 45, of Canyon Country — on suspicion of possessing stolen property.
A second suspect, Wilmer Cadiz, 40, was arrested at his home in Rosemead, also on suspicion of possessing stolen property.

The final painting was recovered at a residence in Glendale.

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