Celebrity Jeweler Guilty for $12M Diamond Caper

 Celebrity jeweler known for auctioning the engagement ring President Donald Trump gave ex-wife Marla Maples pleaded guilty Monday to orchestrating a $12 million diamond caper.


Joseph DuMouchelle, 58, owner of DuMouchelle Fine & Estate Jewelers in Birmingham, faces up to 12 1/2 years in federal prison for his role in a criminal case that involves millionaires, phony documents, blue bloods and The Yellow Rose, a rare 77-carat diamond.


DuMouchelle tricked North Dakota businessman Thomas Ritter into wiring $12 million to invest in the diamond last year. Instead, DuMouchelle on Monday admitted withdrawing most of the money and spending the cash.


Detroit Lawyer Prosecutors believe Ritter is among 26 victims who either gave DuMouchelle money or jewelry to sell, Assistant U.S. Attorney Karen Reynolds said. The government believes the loss to victims is more than $25 million, though DuMouchelle lawyer Jonathan Epstein believes the loss could be less.


At the time, the jeweler owed $430,000 to Ritter, according to a criminal complaint filed last year.


DuMouchelle pitched a deal that entailed buying the diamond from a Texas family, selling at a profit and splitting the money, according to a Federal Bureau of Investigation affidavit filed in federal court last year.


Four years ago, DuMouchelle sold the 7.45-carat diamond engagement ring Trump gave to his second wife, Maples, an actress and TV personality.


The giant rock sold for $300,000 to an anonymous bidder at an auction at New York City's Lotte Palace Hotel.


The ring was originally sold in 2000 for $110,000 following the couple's divorce in 1999. Maples had DuMouchelle handle the first auction.

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