Police have arrested the manager of a Pasadena car stereo business and another man in connection with the multi-million-dollar theft of artworks, jewelry and a Porsche from a Santa Monica home last month.
The theft was reported in the 500 block of 12th Street Sept. 14 after resident Jeffrey Gundlach returned home from a trip and found that numerous high-end paintings, two wooden box art pieces, several expensive watches, wine and a small amount of money had been stolen from his home, police said. The victim’s red 2010 Porsche Carrera 4S had also been taken from the garage.
The art pieces stolen included works by Piet Mondrian, Jasper Johns, Guy Rose and Frank Stella.
Gundlach, the founder of investment firm Doubleline Capital who is recognized as a leading expert in bond and fixed income investments, offered a reward of more than $1 million for the recovery of some of the noted artworks in his collection. Gundlach’s investment strategies have been featured in publications such as the New York Times, Financial Times and The Wall Street Journal.
Police believe the residential burglary occurred sometime between Sept. 12 and 14 and estimated the total loss to be more than $10 million.
On Sept. 26, Santa Monica police investigators were contacted by Pasadena police, who said they received a tip concerning where the stolen art from Santa Monica was being held.
With the assistance of Pasadena police, Santa Monica investigators served a search warrant at Al & Ed’s Autosound in Pasadena, where officers recovered most of the paintings reported missing in the theft, Santa Monica police Sgt. Richard Lewis said.
Police additionally arrested Jeffrey Nieto, 45 of Canyon Country, the manager of Pasadena Al & Ed’s Autosound, for allegedly possessing stolen property, Lewis said.
As the investigation continued, Santa Monica investigators received additional information that led them to a residence in the city of San Gabriel, where they arrested Wilmer Bolosan Cadiz, 40, in connection with the Santa Monica burglary, Lewis said. Cadiz was allegedly in possession of four of the stolen paintings from Gundlach’s residence at the time of the arrest, Lewis said.
Police investigators later recovered the last painting taken in the theft after they learned it had been transported to a home in Glendale. A person who was in possession of the painting has been interviewed and is cooperating with investigators, Lewis said.
Police say they are continuing to follow up on leads regarding other possible suspects in the burglary and the location of the remaining stolen property.
Santa Monica police credited the assistance of Pasadena and Los Angeles police, as well as the Federal Bureau of Investigation, Department of Justice and Interpol in recovering the valuable stolen items.
Anyone with additional information is asked to contact Det. David Haro at (310) 458-8432, Sgt. Henry Ramirez at (310) 458-8453 or the Santa Monica Police Department (24 hours) at (310) 458-8495.