Robert Louis Baker, 55, of Canoga Park, and Monica Sonia Sementilli, 45, the wife of Fabio Sementilli, were arrested Wednesday and booked on suspicion of murder.
In January, Fabio was found stabbed to death and beaten on the patio of his home in the 5000 block of Queen Victoria Road. His 2008 Porsche 911 Carrera was also stolen and then found a few days later just 5 miles from his home.
Initially, police said the murder resulted from a home-invasion robbery. But then surveillance video and forensic evidence proved otherwise.
Authorities said two male suspects were captured on surveillance video jogging toward his home that day.
On Friday, the Los Angeles County District Attorney's Office filed one count of murder with special allegations that the murder was carried out for financial gain and lying in wait against Baker and Monica Sementilli.
Baker also faces a special allegation of using a deadly and dangerous weapon, a knife, in the murder. The district attorney said the pair are suspected of having an affair when they plotted to kill Fabio.
Baker is suspected of breaking into Fabio's home and then fatally stabbing the victim, according to the D.A. Baker is also suspected of stealing Fabio's Porsche.
Authorities said it appears that Monica is the mastermind behind the whole crime. Police believe the motive was Sementilli's $1.6 million life insurance policy.
They also said Baker and Monica were having an affair for a little more than a year. Baker also has a prior police record and is a registered sex offender.
Both Baker and Monica are being held without bail and their arraignment hearing is scheduled for June 29.
Detectives are also looking for a third suspect, described as a man with a stocky build, standing between 5 feet 6 inches and 5 feet 7 inches tall. He was wearing a hooded sweatshirt at the time of the murder.
If Baker and Monica are convicted as charged, they face the death penalty or life in prison without the possibility of parole. The decision to seek the death penalty will be made at a later date, according to the D.A.
Fabio, 49, a Candian-born resident of Woodland Hills, worked for decades as a trendsetting hair stylist and served as vice president of education for the beauty products company Coty, Inc.
Anyone with more information on the case is urged to call Detective Barry Telis or Chris Gable at (213) 486-6890. Those wishing to remain anonymous may call Crime Stoppers at (800) 222-8477.