Financial Crime: Jeweler who sold Trump-Maples ring sentenced to 12 years in multi-million ‘Yellow Rose’ diamond scam

by | Jul 29, 2022 | Stock Market

A Michigan jeweler to the stars who twice auctioned an engagement ring Donald Trump gave to his second wife Marla Maples, has been sentenced to 12 ½ years in prison for running a multi-million dollar scam involving the sale of a 77-carat diamond. Joseph DuMouchelle, who ran a well-known jewelry business outside of Detroit, admitted he fleeced several investors in the purported purchase of a huge diamond known as the “Yellow Rose,” pocketing the cash and using it to pay off his numerous debts.

“Mr. DuMouchelle was engaged in a desperate effort to repay creditors, and repeatedly made similar false representations to secure money and items to pay debt,” his attorney wrote in court filings arguing for a more lenient sentence. Federal prosecutors, however, said the 61-year-old DuMouchelle utilized his years of experience in the jewelry business to operate a ploy to convince several of his clients that they were buying a stake in the giant stone. “White collar criminals may use sophisticated methods and apparently legitimate businesses, but their crimes amount to nothing more than lying to get money,” said Dawn Ison, the U.S. attorney for the eastern district of Michigan. “Victims were often targeted because of their involvement in the jewelry investment, purchase, and auction trade, or were family members and friends of DuMouchelle.” DuMouchelle’s attorney didn’t respond to a message seeking …

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