Lugano Diamonds & Jewelry has filed for Chapter 11 bankruptcy following a series of fraud allegations against its founder earlier this year, according to the Los Angeles Times.

The luxury jeweler made the filing in the United States Bankruptcy Court for the District of Delaware on Sunday and it’s now seeking a buyer, according to a press release.

The company is awaiting approval of a $12 million debtor-in-possession financing facility that would provide up to $10 million of new liquidity to Lugano.

In the court filings , Lugano lists between $100 million and $500 million in assets and between $500 million and $1 billion in liabilities.

“We are deeply grateful to our dedicated employees, clients, partners, and community for their ongoing support,” Lugano’s interim CEO Josh Gaynor sa

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