Westchester Dealer Pleads Guilty

Westchester, N.Y., diamond dealer Reuven Isakov, the man behind Concord Diamonds and Jewelry in White Plains, N.Y., has pled guilty to grand larceny in the second degree and to a scheme to defraud in the first degree, both felonies, for stealing approximately $1.4 million in diamonds.

According to a news release from the Westchester district attorney’s office, Isakov defrauded 43 diamond dealers by taking diamonds on consignment and then either paying them with bad checks, not paying them at all, or not returning the gems.   

Grand larceny in the second degree is punishable by up to 15 years in state prison. Scheming to defraud in the first degree carries a penalty of four years’ imprisonment.