The police just made two arrests in the Jeff Gundlach art theft case. The art and financial worlds are abuzz about the swift recovery of the DoubleLine [profile] bond fund guru's stolen art, worth $10 million.

Last night, the DoubleLine Capital chief revealed that the Santa Monica Police Department had recovered all 13 of the stolen pieces, and he issued a statement thanking the department.

The Associated Press reported that the police arrested 45-year-old Jay Jeffrey Nieto of Canyon County and 40-year-old Wilmer Bolosan Cadiz in connection with the theft. Since then, multiple publications reported that the arrests came after police responded to a tip and raided Al & Ed's Autosound, a Pasadena car stereo store managed by Nieto, as well as a home in San Gabriel and a home in Glendale. Multiple reports now include pictures of Cadiz and Nieto.

Investigators recovered the final painting at the home in Glendale, and the person who had it is reportedly cooperating with investors.

Gundlach told the Los Angeles Times that he doesn't know who, if anyone, will receive the $1.7 million in combined reward money he publicly offered just days ago. He added that the police haven't found his red 2010 Porsche Carrera 4S, also stolen in the robbery.

"Maybe whoever has it will drive to a Ralphs parking lot and just drop it off and end this," Gundlach said to the paper. "The focus was on recovering the artwork and it was all recovered … The thieves had worked on moving the property, but we were able to get a good lead and apprehend them."

Gundlach also confirmed that he's boosting security at his Santa Monica home.

"There have been many upgrades to security and armed guards that are now on the property," Gundlach told the Times.

Art, financial and local media all covered the burglary, and now numerous publications are reporting on the recovery and arrests. They include: ArtLyst, BigPond News, Bloomberg, Business Insider, CBS Los Angeles, the Huffington Post, KABC-TV Los Angeles, KTLA Los Angeles, LA Observed, NBC Southern California, the Pasadena Star-News, Patch.com, Reuters, San Francisco Luxury Living and the Santa Monica Mirror.

The burglary occurred while Gundlach was in New York on business September 12-14. In addition to the Porsche and the 13 pieces of modern art, the burglar(s) stole five watches, some wine and cash. 

Edited by: Neil Anderson, Managing Editor


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