Newport Beach police arrested a man earlier this month who victims said gave them a fake diamond ring after they handed over money and a real ring for an upgrade, police said.

Charles Jayson Hanson, 51, of Newport Beach is charged with one felony count of grand theft, according to a court document. He is accused of taking money and property valued at more than $100,000 from a person identified only as "David S."

According to a police report filed Jan. 3, a husband and wife, also Newport Beach residents, told police that they had given money and a diamond ring to Hanson, who was an aquaintance. But they alleged he had given them a fake piece of jewelry in return, police spokeswoman Jennifer Manzella said.

An arrest warrant was issued several months later, after a significant investigation, Manzella said.

Hanson was arrested Aug. 8. He has posted bond for $100,000, according to the Orange County District Attorney's office.

He is expected to be arraigned Sept. 22 at Orange County Superior Court Harbor Justice Center.

— Emily Foxhall

Twitter: @emfoxhall