SANTA MONICA (CBS) — Two men have been arrested for stealing pricey paintings from wealthy financier Jeffrey Gundlach.

Officials say most of the paintings have been recovered.

Santa Monica police were contacted Wednesday by the Pasadena Police Department which had received a tip concerning the stolen artwork, Sgt. Richard Lewis of the Santa Monica Police Department said.

Detectives worked on the case for 19 hours straight on Wednesday, said Lewis. Officers from Santa Monica and Pasadena served a search warrant at Al & Ed’s Autosound at 30 S. Rosemead Blvd. in Pasadena.

Most of the paintings were recovered and 45-year-old Jay Jeffrey Nieto of Canyon Country, the business’ manager, was arrested.

Investigators then followed leads that led to a home in San Gabriel. There, 40-year-old Wilmer Bolosan Cadiz was arrested for suspicion of possessing stolen property. He was in possession of four of the stolen paintings, Lewis said.

The last painting was recovered when investigators learned it had been taken to a residence in Glendale. The subject who had the painting is reportedly cooperating with investigators.

The Los Angeles Police Department, the FBI, the Department of Justice and Interpol worked with the Santa Monica and Pasadena police departments.

The burglary occurred sometime between Sept. 12 at 3 p.m. and Sept. 14 at 8 p.m. in the 500 block of 12th Street, Lewis said.

Gundlach, the CEO of DoubleLine Capital, offered rewards of nearly $2 million for return of the artwork as well as watches, rare wine, currency and his red 2010 Porsche Carrera 4S.

The art that was taken included works by Piet Mondrian, Jasper Johns, Philip Guston and Richard Diebenkorn.

It was not immediately clear that any of the rewards would be paid out.

Gundlach told the Los Angeles Times that the Mondrian 1969 oil-on-canvas was “extraordinarily rare to begin with, but very few are as elegant and in the type of condition (as this one is). You can wait years before any Mondrian comes to sale.”

Santa Monica police are continuing their investigation. Anyone with information on the case was asked to call Detective David Haro at (310) 458- 8432 or Sgt. Henry Ramirez at (310) 458-8453.

(©2012 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)


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