Jeweler Convicted of Selling Counterfeit Rolexes, $750,000 Financial Fraud
Following an investigation by IRS Criminal Investigation and the Federal Bureau of Investigation (FBI), a Philadelphia jeweler has been convicted of selling counterfeit Rolex watches, among other crimes.
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Dimitre Hadjiev, a resident of Upper Darby, PA, has operated a jewelry store in the 300 block of Philadelphia's South Street since 2014.
According to an official release from the IRS, Hadijiev was "knowingly buying and selling counterfeit Rolex watches and customizing Rolex watches with counterfeit Rolex parts."
During the course of their investigation, government agents discovered that the guilty party structured deposits from store sales in a fashion that allowed him to avoid his financial institution's reporting requirements.
He ultimately failed to make required reports for sales over $10,000. Per the IRS, over $750,000 in total is caught up in Hadijiev's luxury timepiece scam.
Yury Kruty, Special Agent in Charge of IRS Criminal Investigation, shared his thoughts about the situation, "A jury of Mr. Hadjiev's peers confirmed what the government first alleged during the indictment: that Mr. Hadjiev trafficked counterfeit goods, laundered the proceeds, and structured deposits in an effort to avoid currency reporting requirements."
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He continued, "The Special Agents of IRS-CI and our law enforcement partners will continue to investigate and bring to justice criminals like Mr. Hadjiev who partake in schemes like this out of greed."
"Dimitre Hadjiev's store wasn't a legitimate business – it was a front for fraud," Jacqueline Maguire, Special Agent in Charge of the FBI's Philadelphia Division, chimed in.
Maguire also stated, "The FBI and our partners are working hard to crack down on crooked businesses of all stripes, whether they're cheating the public, the government, or, as in this case, both."
Hadijiev's sentencing date has not yet been announced.
What do you think about this Philadelphia Rolex scheme?
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Feature Image Credit: Leon Neal/Getty Images
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