CLEARWATER, Fla. – Detectives have cracked a sophisticated scheme, arresting a St. Petersburg man accused of swiping over half a million dollars in high-end watches from his employer. The Pinellas County Sheriff’s Office Economic Crimes Unit nabbed Michael Kelly, 32, on June 5, 2025, charging him with Scheme to Defraud.
The investigation began on May 15, 2025, after Gold & Diamond Source on Ulmerton Road reported a significant internal theft. What detectives uncovered was a years-long operation.
Between October 31, 2021, and May 3, 2025, Kelly, an employee at the time, allegedly exploited the company’s point-of-sale system in a cunning deception.
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Authorities say Kelly would fake transactions, making it appear as though customers were trading in watches and buying new ones. But here’s the twist: there was no customer, no trade-in.
Instead, surveillance footage reportedly shows Kelly entering these phony deals and then discreetly pocketing a watch from inventory, tucking it into his suit jacket.
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By the time detectives pieced it all together, they confirmed Kelly had allegedly made off with a staggering 36 high-end watches, costing Gold & Diamond Source more than $650,000. Kelly’s employment was terminated on May 10, 2025, just before his arrest.
Now, Kelly is behind bars at the Pinellas County Jail, facing charges for his alleged deception in the diamond district.
Correction: The Original story stated this incident took place in Largo, Florida. However, the location of the alleged theft is a Clearwater address.
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