Police have recovered all of the over dozen pieces of art that were stolen from investment manager Jeffrey Gundlach in Santa Monica, Calif. last week.
Gundlach, a victim of one of the largest home heists that ever took place in Santa Monica, Calif., had announced on Monday a reward of $1.7 million for the return of his stolen art undamaged. While that art has been recovered, there is still an unspecified award for his other stolen belongings.
The Santa Monica Police Department said Thursday that the Pasadena Police Department was tipped off on Wednesday regarding the location of the stolen art. The two police departments then served a search warrant to Al & Ed's Autosound in Pasadena. Most of the paintings were recovered during the search and one suspect, Jeffrey Nieto, 45, manager of Al & Ed's, was arrested for possessing stolen property.
Whether the reward will be paid out is not yet known. Gundlach did not immediately return a request for comment. A spokesman for the Santa Monica Police would not comment on whether the tipster's name was provided to Gundlach but he said that the reward has not yet been distributed as of Friday afternoon.
Investigators also went to a residence in nearby city, San Gabriel, and arrested Wilmer Bolosan Cadiz, 40, for allegedly possessing four of the stolen paintings. Another painting was found at the residence of a third individual who is cooperating with investigators, the Santa Monica Police said.
"Santa Monica Police investigators are continuing to follow up on leads regarding other possible suspects in the burglary and the location of the remaining stolen property," the police department said in a statement.
"My gratitude goes out to Detective David Haro and the entire Santa Monica Police Department for their skillful, tireless and respectful attention to apprehending the criminals and recovering all of the artwork stolen," Gundlach said in a statement Thursday evening. "This is a great day for the art world and all those who seek order and justice in our society. I would also like to thank the many well wishers who offered support and whose optimism over the last two weeks proved accurate."
Crowned Barron's "King of Bonds" in 2011, Gundlach is CEO of DoubleLine Capital, where he manages more than $30 billion for the Los Angeles investment firm.
Police had initially "conservatively" estimated the value of the stolen items, which include his 2010 Porsche Carrera 4S at $10 million.
On Sept. 14, 2012, according to the Santa Monica Police Department's report, officers answered a call about a residential burglary in the 500 block of 12th Street that happened sometime between Sept. 12 at 3 p.m. and Sept. 14 at 8 p.m.
During a press conference in Los Angeles on Monday afternoon, Gundlach announced he was offering $1 million for the "unharmed return...no questions asked" of an oil painting by Piet Mondrian called "Composition (A) En Rouge Et Blanc," 1936.
In addition, he offered $500,000 total for the "undamaged" recovery of a 1956 piece of artwork by Jasper Johns called "Green Target" and two collages by Joseph Cornell from 1946 and 1952. He is offering another $200,000 for nine other pieces of his stolen art.
Gundlach's 2010 Porsche, which was parked in the garage, several expensive watches, wine and a small amount of U.S. currency had also been taken, according to the police.
"The victim had just returned home from a trip and discovered that his residence had been burglarized, and that numerous high-end paintings and two wooden box art pieces had been stolen from various rooms throughout the home," read the police report.
Police believe a truck or van could have been used in the heist. A detective working on the case declined to comment on whether Gundlach had an alarm or security system in place, citing the nature of the ongoing investigation.
Gundlach was once the chief investment officer at investment management firm TCW, where he reportedly made about $40 million a year before he was abruptly terminated in 2009, accused of stealing trade secrets. TCW and Gundlach eventually reached a settlement.