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Marvin Rafeld Sentenced to Serve 3 to 9 years

rafeldFormer Scarsdale resident Marvin Rafeld was sentenced to three to nine years in jail on his 61st birthday, June 16, for stealing more than $2 million from his customers and vendors. Rafeld, who owned Wall Street Jewelers at 14 Wall Street for over twenty years appeared to be an honorable businessman until the terrorist attack on 9/11 caused a major downturn in his business. It seems that financial pressure got the best of him and he turned to defrauding trusted customers to stem his losses. In May, Rafeld pleaded guilty to six counts of Grand Larceny in the Second Degree and one count of Scheme to Defraud in the First Degree.

Rafeld lived on Walworth Avenue for years and drew many customers from Scarsdale. Tall, gregarious and handsome, he was a popular coach, a Director of Scarsdale Youth Basketball and volunteer firefighter. More recently, perhaps while he awaited trial, Rafeld was seen working as a busboy at the Larchmont restaurant Lusardi's.

On Tuesday June 16, Manhattan District Attorney Cyrus R. Vance, Jr., announced that Rafeld would serve three to nine years in state prison. Vance said, "In addition to defrauding his customers and vendors out of approximately $2 million, the defendant also admitted to stealing priceless pieces of jewelry, such as wedding bands, from victims who entrusted him with precious family heirlooms," said District Attorney Vance. "For certain types of criminals, trust is capital—and in this case—the defendant leveraged the cachet of Wall Street and the customer confidence he cultivated over many years to steal from victims under the guise of legitimate business."

According to his guilty plea beginning in 2013 Rafeld convinced customers to pay large sums of money for jewelry that Rafeld never bought. Additionally, he stole jewelry provided to him by both vendors and customers. In some cases, he promised to pay his vendors for pieces post-receipt, and in other cases, he appropriated for himself certain sentimental pieces of jewelry that his customers entrusted to him for repair.

In one such case, reported to the Scarsdale Police in 2013 a Bell Road woman complained that Rafeld had not given her the proceeds from the sale of her diamond ring. She brought the ring to him in November 2013. The ring was originally appraised at $16,000 but he said he would sell it for $3,600. She did not hear from him for a few months and in April 2014 he told her that he had sold the ring but could not pay her as he had declared bankruptcy. He paid her $750 and said he would pay the balance but never responded to her requests for the balance.

In total, the district attorney says Rafeld stole approximately $2.3 million from more than 100 unsuspecting customers and 16 different jewelry vendors. He was convicted of Grand Larceny in the Second Degree, a class C felony, 6 counts and Scheme to Defraud in the First Degree, a class E felony, 1 count.

According to the Daily News, Rafeld, said, "There are no excuses for what I've done," Rafeld said. "I'm simply a coward who chose to give in to my misguided compulsion."

Comments   

0 #13 Laukie 2016-07-01 18:57
I thought I knew a man I had done business with for 20+ years 9/11 is no excuse for actions he started, we think in 2013.
I worked hard to provide my daughter with a decent life abd ny integrity has been important to me since I started working in 1967.someone offered me a bribe Wednesday, over a small matter. I was so insulted and told him so, I have cut off dealings with him. Marvin could have cut back his lifestyle if the money wasn't coming in. Not steal from people!
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0 #12 Sad for all 2015-07-27 19:27
Unfortunate circumstances for all. He got in too deep and couldn't get out and for that he will pay the debt of a lifetime. No winners here. Pray for all. Time to heal
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-10 #11 basketball player 2015-06-23 12:58
Marvin was a great coach. what he did was wrong and sad but has nothing to do with his skills as a coach.
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-3 #10 Jesus 2015-06-23 08:43
No one is perfect. Some people like to live big and he took many along for a ride. Repenting is real and as a religious man anything is possible.
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+4 #9 Cool Guy 2015-06-20 10:35
Marvin and many like him think they're never wrong, until guess what, they realize that they are VERY wrong. His hubris and cocky demeanor belied a sinister and mean spirited man. His selfish attitude came through in everything he did. Go cry in prison you moron.
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+9 #8 bell rd woman 2015-06-19 14:47
I am that bell road woman from whom marvin stole $16,000 just when my husband asked for a divorce and i lost my job. I believed and felt compassion for this man who "fell on hard times" until the day I went as a guest to Equinox in Scarsdale and saw Marvin working out there where he was and continued to be a member. The only reason this man stopped stealing is because he got caught. I was at Marvin's sentencing and can tell you that this man walked into the courtroom beautifully groomed with his head held high and left the courtroom in handcuffs the same way. This man is a sociopath and should be locked up for years so he doesn't prey on innocent people.
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-3 #7 Fine and dandy 2015-06-19 11:04
Neighbors,
Our politicians steal from us everyday, and we keep on electing them.....People make mistakes and we should forgive them...
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0 #6 Restitution $ 2015-06-19 09:20
Please note: Rafeld's sentence also includes the requirement that he pay $2.3 million in restitution. That is an important part of the sentence not mentioned here.
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+16 #5 Basketball Mom 2015-06-18 20:18
This bully was loud, despicable, unfair, and intimidating to all of the teams that he forced himself upon as a coach. He was a thief since his coaching days when he charged each of his players $150 for tournament fees that he never registered them for. He was a far far cry from being "a popular coach."
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-1 #4 Anonymous 2015-06-18 18:39
There are no guarantees in life. Man’s path is often winding. Today we all would like to think if given difficult choices in a dire situation we would take the moral high ground. I certainly believe this about myself. What this man did was a crime. It’s a sad shame. His victims suffered and he should be rightly punished.
I cannot say whether or not he truly believes his last quote in the article. However, I do know that the words are a beginning. They have the possibility for hope. You don’t have to be a coward all of your life. I’m praying that he finds the courage to do the next right thing.
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