About this Episode
In this episode of Long Reads, Short Listens we explore "All That Glitters," an investigative report by Miranda Green revealing Jona Rechnitz's rise from convicted briber involved in New York police corruption scandals to Los Angeles jewelry entrepreneur entwined with celebrities like Floyd Mayweather Jr., Kim Kardashian,and Paul Pierce promoting controversial cryptocurrency EthereumMax before facing multiple fraud lawsuits involving millions stolen in diamonds.The episode examines key events spanning bribery schemes,fraudulent loans,jewelry theft allegations,and delayed sentencing raising questions about justice system efficacy,and explores broader themes around power,influence,pop culture,and accountability.
Article Discussed: "All That Glitters"
Author: Miranda Green
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Episode Transcript
Jan: Welcome to Long Reads, Short Listens! Today, we're diving into a fascinating and complex story about Jona Rechnitz, a man whose life reads like a crime thriller mixed with celebrity culture. From bribing New York police officials to rubbing elbows with Floyd Mayweather Jr. and Kim Kardashian, his tale is full of twists.
Emery: Absolutely, Jan. This story by Miranda Green in The Atavist Magazine uncovers how Rechnitz managed to build a jewelry empire while facing multiple fraud allegations and lawsuits. Despite all this, he remains free and seemingly untouchable by the law. We'll explore how his past intertwines with celebrity endorsements and alleged scams.
Jan: Right, Emery. We’ll unpack the key events: his bribery conviction in New York, his return to Los Angeles to launch Jadelle Jewelry, the involvement of celebrities like Mayweather and Kardashian in promoting a controversial cryptocurrency called EthereumMax, and the ongoing legal battles surrounding him.
Emery: And importantly, we'll look at why despite numerous accusations—from stealing millions in diamonds to orchestrating Ponzi-like schemes—Rechnitz has avoided serious prison time. Plus, we'll discuss the implications of his cooperation with federal authorities and what that means for justice in cases like these.
Jan: So let’s start at the beginning. Rechnitz was born into an affluent Orthodox Jewish family in California and started out working in real estate with Africa Israel Investments. Early on, he sought connections within the New York Police Department through Jeremy Reichberg, which led him down a path of bribery and fraud.
Emery: Yes, Jan. He spent lavishly to build relationships with NYPD officials—chartering private jets for them to events like the Super Bowl and even buying gifts such as watches and home improvements. His goal was clear: use these connections as leverage for business success.
Jan: In 2011, Rechnitz started his own firm JSR Capital in New York’s diamond district but continued spending extravagantly—charging over a million dollars annually on credit cards just for lifestyle expenses. This culminated in an elaborate bribery scheme involving union leaders like Norman Seabrook who accepted kickbacks for directing pension funds into shady investments.
Emery: Exactly. Rechnitz was caught up in one of New York City's biggest corruption scandals where multiple people were charged for misusing public resources and committing wire fraud. Facing serious prison time himself, Rechnitz cooperated extensively with prosecutors—meeting 80 times to testify against co-conspirators including hedge fund founder Murray Huberfeld.
Jan: Despite being vital to these prosecutions—and even testifying about raising $100,000 for Mayor Bill de Blasio’s campaign expecting favors—Rechnitz received only five months prison plus house arrest and restitution orders. His co-conspirators got much longer sentences though he later successfully appealed his sentence due to judicial conflicts.
Emery: After that ordeal, Rechnitz moved back to Los Angeles aiming for a fresh start with Jadelle Jewelry & Diamonds founded under his wife’s name in 2017. He rented an expensive home near Beverly Hills synagogue neighborhoods and quickly built celebrity clientele including Shaquille O’Neal and Josh Altman from Million Dollar Listing.
Jan: He cleverly used front-row basketball seats as networking tools where he could meet wealthy clients easily. He also leveraged Instagram heavily showing off stars like Floyd Mayweather wearing Jadelle’s diamond pieces — which helped boost followers above 175,000 thanks partly to Kardashian sisters showcasing their jewelry publicly.
Emery: But trouble was brewing beneath this glamorous surface. Jewelers who consigned millions worth of diamonds reported they never got paid after Rechnitz pawned or sold their merchandise without authorization—a pattern repeated across several lawsuits alleging Ponzi-style frauds totaling tens of millions of dollars.
Jan: One lawsuit revealed that Rechnitz took out loans using stolen diamonds as collateral along with a luxury Bugatti car worth $400k but failed repayments ballooned debts over $5 million quickly due to sky-high interest rates around 6-9% monthly—a staggering figure indicating financial desperation or worse deception.
Emery: Meanwhile government investigations continued quietly behind the scenes including FBI probes into stolen jewelry linked to Jadelle's operations; some pieces were seized from associates’ homes during unrelated raids involving endangered animals illegally kept—which adds another bizarre layer to this saga.
Jan: Despite all these allegations piling up—including six lawsuits claiming over $15 million owed—Rechnitz remained active publicly until early 2020 when Jadelle's Instagram went silent after posting about ups and downs while featuring Justin Bieber wearing their jewels.
Emery: Then came another twist: In 2021 Rechnitz became involved with Floyd Mayweather again but this time promoting EthereumMax—a cryptocurrency heavily marketed through celebrity endorsements including Mayweather himself as well as Paul Pierce from NBA fame and Kim Kardashian—all paid promoters according to lawsuits filed later on claims of deceptive practices.
Jan: EthereumMax launched amid huge hype but lost 93% value within two months leading investors to file class action suits accusing it of being one of the most egregious crypto scams fueled by false advertising disguised through social media influencers tied directly back to Rechnitz’s efforts promoting it behind the scenes.
Emery: The SEC fined Pierce $1.4 million and Kardashian $1.26 million over their roles but notably did not fine Mayweather or Rechnitz though investigations remain ongoing or undisclosed publicly according to sources cited by Miranda Green’s reporting.
Jan: Amidst this chaos came personal feuds too: Joe Englanoff—the landlord who helped rent Rechnitz's Beverly Hills property—invested over a million dollars based on promises connected with fight ticket resales involving Mayweather’s boxing events but never saw returns; instead faced threats allegedly orchestrated by Rechnitz leading Englanoff's family seeking restraining orders after escalating confrontations including public threats towards Englanoff's teenage son.
Emery: Englanoff also filed lawsuits seeking millions from Rechnitz citing breach of contract related to ticket sales tied closely with Mayweather fights; meanwhile counterclaims accused Englanoff himself falsely regarding tax issues amplified through influencer videos possibly connected indirectly back to Rechnitz’s network trying to discredit opponents legally challenging him.
Jan: In court developments during summer 2023 there was finally some victory when a judge awarded Noval $17.7 million plus interest after concluding jewelry used as loan collateral had been taken by fraud from him by Rechnitz—but collecting remains challenging given complex financial maneuvers revealing tens of millions moving through accounts linked indirectly via LLCs associated with high-profile figures like billionaire Robert Smith producing documentaries about Mayweather.
Emery: Meanwhile new lawsuits continue piling up alleging further fraudulent schemes involving luxury watches taken without full payment connected again through Mayweather’s Money Team; others claim promises made leveraging supposed connections between Mayweather and Elon Musk for art deals that never materialized—all adding layers showing persistent patterns despite legal scrutiny spanning years across multiple states from New York down through California and Florida.
Jan: 'Jona's pretty much judgment-proof,' said one lawyer representing victims calling him 'the Jewish John Gotti' because despite numerous charges he keeps avoiding jail time possibly due to ongoing cooperation agreements or informant status rumored among insiders but unconfirmed officially by authorities,
Emery: 'It is striking that nine years after pleading guilty in New York he has yet to serve any prison sentence,' noted reports highlighting delays caused partly because judges have recused themselves or hearings postponed repeatedly—with next sentencing dates still uncertain well into mid-2025,
Jan: Throughout all these legal battles more than a dozen suits have been filed against him or his companies since moving west but courts have ruled decisively against him only twice; many cases settled quietly leaving victims frustrated at lack of accountability while investigations continue behind closed doors including grand jury subpoenas related specifically to criminal probes into Jadelle Jewelry operations
Emery: Despite attempts at interviews during reporting Jona often canceled meetings citing illness or travel plans; when finally confronted face-to-face he deflected questions blaming diamond district culture itself saying 'they're all bullshitters hiding behind beards and yarmulkes' shifting focus away from himself rather than addressing allegations directly
Jan: So Emery let me ask you: What do you think are some key themes emerging here beyond just one man's criminal saga?
Emery: Well Jan I see themes around power dynamics where wealth allows individuals like Rechnitz access not only into elite social circles but also potential protection from full legal consequences especially when cooperating witnesses become entangled deeply within federal investigations
Jan: Yeah it's wild how celebrity culture intersects here too — using famous faces not just for marketing bling but also questionable cryptocurrencies — blurring lines between glamour promotion and outright scams targeting vulnerable investors
Emery: And underlying all this is trust betrayed repeatedly: jewelers trusting him on handshake deals only later discovering pawned goods; investors believing promises tied up in flashy events ending empty-handed; families caught up amid threats escalating beyond business disputes
Jan: Plus there's an institutional angle — delays in sentencing possibly signaling systemic challenges prosecuting white-collar crime effectively especially when defendants cooperate extensively yet continue questionable behavior unchecked
Emery: Right Jan it raises questions about justice balance between incentivizing cooperation versus ensuring accountability so victims aren't left empty-handed while perpetrators remain free continuing harmful conduct
Jan: Given all we’ve discussed what do you think listeners should take away today?
Emery: I’d say it shows how complex white-collar crime can be intertwined deeply within social networks making accountability difficult; it reminds us that celebrity endorsements don’t guarantee legitimacy; finally it highlights importance of vigilance both legally and personally when dealing with high-stakes investments or partnerships
Jan: And I’d add it underscores how appearances can deceive — behind glamorous parties at Hotel Bel-Air or Instagram posts lies decades-long trail involving bribery schemes, stolen assets worth millions, ongoing lawsuits—and yet no definitive resolution so far
Emery: "All That Glitters" reveals not just one man’s story but broader systemic issues around corruption, influence peddling, trust erosion—and challenges law enforcement faces navigating such tangled webs effectively."}, {
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