Law Enforcement Busts , Theft Ring Making Millions , From Catalytic Converters.
NPR reports that 21 people have been arrested under
suspicion of their involvement in a theft ring that made
millions of dollars from stolen catalytic converters. .
NPR reports that 21 people have been arrested under
suspicion of their involvement in a theft ring that made
millions of dollars from stolen catalytic converters. .
A team of law enforcement agencies seized hundreds
of millions of dollars in assets, such as homes, bank
accounts, cash, cars and jewelry from defendants.
A team of law enforcement agencies seized hundreds
of millions of dollars in assets, such as homes, bank
accounts, cash, cars and jewelry from defendants.
The individuals face multiple charges, including conspiracy to transport stolen catalytic converters and conspiracy to commit money laundering.
The individuals face multiple charges, including conspiracy to transport stolen catalytic converters and conspiracy to commit money laundering.
NPR reports that the federal government
is seeking $545 million in forfeitures.
This national network of criminals
hurt victims across the country.
They made hundreds of millions
of dollars in the process — on the backs
of thousands of innocent car owners, Christopher Wray, FBI Director, via NPR.
15 of the individuals have been accused of buying catalytic converters from local thieves and then shipping the stolen parts to DG Auto in New Jersey.
Meanwhile, six people from DG Auto have been accused of buying the stolen parts and allegedly making about $545 million selling them.
The catalytic converter contains rare metals, including rhodium platinum and palladium, which can be worth hundreds of dollars at scrap yards.
According to the National Insurance
Crime Bureau, over 14,000 catalytic
converters were stolen in 2020. .
Since the beginning of the COVID pandemic, the prices of
the metals have increased, which has impacted their
production in places like Russia and South Africa