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On Tuesday, Marvin Rafeld, was sentenced to time behind bars after pleading guilty to six counts of grand larceny and a lone count of scheming to defraud last month at the Manhattan Supreme Court.
According to reports, at his trial, Rafeld admitted to stealing jewelry and important family heirlooms from his victims after promising to make needed repairs. He was sentenced on his 61st birthday.
Rafeld owned Wall Street Jewelers successfully for more than two decades, before the September 11 terrorist attacks caused a downturn in business. Beginning in 2013, he convinced more than 100 customers and vendors out of $2.3 million by forcing them to pay exorbitant prices for jewelry and items he never made an effort to acquire.
“In addition to defrauding his customers and vendors out of approximately $2 million, the defendant also admitted to stealing priceless pieces of jewelry, such as wedding bands, from victims who entrusted him with precious family heirlooms,” Manhattan District Attorney Cyrus Vance, Jr. said in a statement. “For certain types of criminals, trust is capital, and in this case, the defendant leveraged the cachet of Wall Street and the customer confidence he cultivated over many years to steal from victims under the guise of legitimate business.”
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