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NY Jeweler Sentenced for Embezzling Rare Jewelry, Artifacts Valued at $48M

Pixland/Thinkstock(NEW YORK) -  U.S. District Judge Denise L. Cote on Friday in New York sentenced Ralph Esmerian, the former owner and chairman of Fred  Leighton Holdings Inc., the Manhattan-based luxury jewelry retailer to six years in prison.  Esmerian was convicted on charges of wire fraud, bankruptcy fraud and concealment of assets connected to an embezzlement scheme estimated to be worth tens of million of dollars.  Esmerian also attempted to double-pledge collateral, which partially secured over $210 million in loans used to finance his business and to purchase Fred Leighton.

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