Ralph Emerian, former jeweler to the stars sentenced to 6 yrs for fraud

A former jeweler to the stars was sentenced Friday to six years in federal prison for a $48 million fraud scheme.
Ralph Esmerian, 72, previoulsy pleaded guilty to ripping off creditors, hiding money and lying to a bankruptcy judge in order to save his business.
"I violated a code of ethics," Esmerian told a Manhattan Federal judge, referring to "this very private hell I've been living with every day."
"Words cannot convey to you how very remorseful I am."
Esmerian once owned the jewelry store Fred Leighton, which reportedly sold or loaned baubles to the likes of Jennifer Aniston, Tina Fey, Nicole Kidman, Sarah Jessica Parker and Meryl Streep.
After living a life of wealth and privilege, the tall, gray-haired jeweler's fall began after his jewelry store was robbed of more than $30 million in 2005, his lawyer said.
Esmerian was desperate "to hold on to the business that had been in his family for four generations," Patricia Pileggi said. "He very mistakenly thought he would be able to right this sinking ship."
He took out loans based on jewelry - such as a $10 million butterfly brooch - that were already pledged for collateral elsewhere.
He then lied to creditors and to a bankruptcy judge and tried to hid millions in a Swiss bank account before being arrested in November for bankruptcy fraud, wire fraud and concealing assets.
Esmerian faced as much as 10 years in prison but Judge Denise Cote cited Esmerian's years of good works and charity, especially the millions he donated to the American Folk Art Museum, in giving him a lighter sentence.
Esmerian, who wore a blue Mickey Mouse tie and a rumpled gray suit, has until Sept. 9 to surrender.
"Let's move on, let's move on," he said as he left the courthouse. "This has been hanging around my neck for five years."

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