Two men have been arrested in connection to the Santa Monica home heist where more than $10 million of high-end art was stolen from the home of DoubleLine Capital founder Jeffrey Gundlach earlier this month.
One of the men, Jay Jeffrey Nieto, is the manager of Al & Ed’s Autosound located at 30 S. Rosemead Boulevard in Pasadena.
On Wednesday, Sept. 26, investigators from the Santa Monica Police Department were contacted by members of the Pasadena Police Department who received a tip concerning where the stolen art from Santa Monica was being held.
Based on the information received, Santa Monica’s investigators, with the assistance of the Pasadena Police Department, responded to Al & Ed’s in Pasadena to serve a search warrant.
During the subsequent search, most of the paintings were recovered and one suspect was arrested for possessing stolen property.
He was identified as 45 year old Jay Jeffrey Nieto, of Canyon Country, the manager of the Pasadena Al & Ed’s.
As the investigation continued, additional information was developed that led Santa Monica investigators to a residence in the City of San Gabriel.
There the investigators contacted and later arrested 40-year-old Wilmer Bolosan Cadiz for possessing stolen property; he was in possession of four of the stolen paintings.
The last painting was recovered as investigators learned it had been transported to a residence in Glendale. The subject in possession of this painting has been interviewed and is cooperating with investigators.
The arrests come just two days after Gundlach offered a reward of up to $1.5 million for the safe return of several of the most expensive pieces.
He announced a $1 million reward on Monday afternoon for the return, or information that leads to the return, of his Piet Mondrian painting if it is undamaged called “Composition A En Rouge Et Blanc.”
He said he would also offer an additional $500,000 reward for the successful return, or information that leads to the return, of his Jasper Johns painting called Green Target from 1956, stating it too must be undamaged.
It is not clear if either of these pieces were among the recovered art.
The robbery took place sometime between Wednesday, Sept. 12 at 3 p.m. and Friday, Sept. 14 at 8 p.m. in the residence on the 500 block of 12th Street in the north of Montana neighborhood.