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Tue Sep 15, 2020, 04:18 AM

Metro Detroit Jeweler Who Once Auctioned a Trump Ring Pleads Guilty in Scam

Birmingham jeweler Joseph DuMouchelle pleaded guilty Monday to orchestrating a $12-million scam involving "The Yellow Rose," a rare 77-carat diamond.

Joseph DuMouchelle, 58, owner of DuMouchelle Fine & Estate Jewelers in Birmingham, admitted tricking North Dakota investor Thomas Ritter into wiring $12 million to invest in the Yellow Rose diamond last year, the U.S. Attorney's Office said in a press release.

The two planned to sell it and divide the profits. Instead, DuMouchelle never bought the diamond and stole the money.

The scheme began in late 2018. DuMouchelle convinced Ritter to put up the $12 million to buy the diamond from a Texas estate.

Read more: https://www.deadlinedetroit.com/articles/26196/metro_detroit_jeweler_who_once_auctioned_a_trump_ring_pleads_guilty_in_scam

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