The man who sold his own jewelry for more than $300 million has said he was shocked when he learned he had been accused of fraud.
“Nothing wrong with you,” the appraiser told a court in Los Angeles on Thursday.
“It’s just that you didn’t know.”
The man, who did not want to be identified, told the court his jewelry was appraised at a market in Napier, California, and the appraisal was for $300,000.
He said he bought the jewelry at a Napier pawnshop in 2007 and it was appraized at $2,400.
“There was no mistake made,” he said.
“I bought the property, and then I saw the news reports, and I was very shocked.”
The appraiser said he made the sale knowing it was fraudulent.
“The fact that I did it, I didn’t really understand it at the time,” he told the judge.
“So I knew that it was a fraud.”
He said the appraisal he made was not a fair value because it was for a different item and the sale price was $2.9 million more than the appraised value.
The man also said he does not regret the sale because he has been able to support his family.
He was charged with two counts of fraud and one count of misrepresentation.
Napier police said they are investigating the case.
The Napier Police Department declined to comment.