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Gold & Diamond Source Employee Charged in $650K Watch Theft Scheme

Gold & Diamond Source Employee Charged in $650K Watch Theft Scheme

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Detectives with the Pinellas County Sheriff’s Office Economic Crimes Unit have arrested a St. Petersburg man following an investigation into the theft of high-end watches from a local jewelry business.

The investigation began on May 15, 2025, after Gold & Diamond Source, located at 3800 Ulmerton Road, reported suspected internal theft. Detectives identified 32-year-old Michael Anthony Kelly of St. Petersburg as the employee responsible.

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According to investigators, Kelly manipulated the store’s point-of-sale system between October 31, 2021, and May 3, 2025. He created fictitious trade-in transactions and sales entries, making it appear that a customer exchanged one watch for another. In reality, no customer was present, and Kelly removed watches from inventory, concealing them in his suit jacket.

Surveillance video captured Kelly entering fraudulent transactions on multiple occasions. Detectives confirmed that he stole 36 watches, resulting in a financial loss to the business exceeding $650,000.

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Kelly’s employment with Gold & Diamond Source was terminated on May 10, 2025.

He was arrested on June 5, 2025, and charged with Scheme to Defraud. He was booked into the Pinellas County Jail. The investigation remains ongoing.

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