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Houston Man Accused of Rolex Investment Scheme Defrauds Victims of Nearly $250,000 January 17, 2025 (0 comments)

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Harris County, TX--A 47-year-old man from Humble, Texas, is accused of orchestrating a years-long Rolex investment scheme that defrauded multiple Houston-area victims out of nearly $250,000. Jimmy Joseph has been charged with aggregate theft, according to court records cited by Click 2 Houston. Joseph was arrested and later released on bond.

[Image via istockphoto.com]

Joseph reportedly convinced victims he could secure discounted Rolex watches through a family member and favorable tax conditions in Dubai, as described in charging documents. Investors were told they would profit when the watches were sold, often at Indian jewelry stores in Houston. If the sales failed, their investments were to be refunded.

One victim, Ronald Jackson, said he invested $93,000 in the scheme, believing he could nearly double his money. “It’s a very expensive lesson,” Jackson said, as per the report. Jackson added he never saw any Rolex watches, as Joseph claimed they were sent directly to a warehouse for resale.

Another investor, Harold O’Neal, said he contributed $19,000, expecting similar returns. O’Neal described Joseph as a convincing figure who initially delivered on smaller investments, gaining the trust of his targets. “He always came through, always talked the right talk,” O’Neal said, as per the report.

Court records indicate Joseph targeted members of Houston’s Indian community and churchgoers, often using religious connections to build trust. Victims revealed that their initial positive experiences with Joseph’s smaller deals led them to invest larger amounts.

In total, Joseph is accused of defrauding his victims of $249,862. Investigators suspect additional victims may come forward.

The same day Joseph was charged in the Rolex scheme, records show he faced an additional theft charge for allegedly failing to return a rented 2024 Toyota 4-Runner. Prosecutors requested a $150,000 bond in the Rolex case, but it was set at $15,000. Joseph posted bond and was released the following day.

Houston police are urging other potential victims to contact the HPD Major Offenders Division at 713-308-3100.

Learn more in this report by Click 2 Houston.

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