California Art Heist: Two Arrested In $10 Million Theft

A California art heist that saw $10 million stolen from a Southern California home has ended with the arrest of two suspects police believe are responsible for the crime.

The suspects were arrested and found with about $10 million in stolen art from the home of a financier near Santa Monica, The Associated Press reported. The California art heist had made waves in the art world and on Wall Street, as the victim was noted bond trader Jeffrey Gundlach.

The California art heist took place sometime while Gundlach was on a business trip. He returned September 14 to find several paintings, including ones by Piet Mondrain and Jasper Johns, to be missing. The art was worth $10 million in total, the Los Angeles Times reported.

The heist was more than just paintings, however. The thieves also stole expensive watches, wine, and a Porsche Carrera 4S, none of which were recovered.

“The focus was on recovering the artwork, and it was all recovered,” Gundlach told the Los Angeles Times. “The thieves had worked on moving the property, but we were able to get a good lead and apprehend them. It’s a great day for the art world.”

The paintings were found when authorities followed a tip from local police and served a search warrant on a car stereo store in Pasadena. The store’s manger, Jay Jeffrey Nieto, was arrested this week, and the investigation later led police to the other suspect, Wilmer Cadiz.

One of the paintings from the California art heist ended up at a home in Glendale, where police said the person found with it has cooperated with the investigation.