A massive catalytic converter theft operation was knocked down in a federal investigation, officials said Wednesday.
The bust comes as catalytic converters have become a valuable currency for thieves because the emissions-control devices contain precious metals, such as rhodium and platinum, that can be worth more per ounce than gold."The black-market price for catalytic converters can be above $1,000 each," the department said.
Federal officials coordinated with state and local law enforcement agencies across the country to search properties and make arrests across nine states including California, Nevada, Oklahoma, New Jersey and New York, the United States Department of Justicein a news release. Investigators completed more than 32 search warrants, finding"millions of dollars in assets, including homes, bank accounts, cash and luxury vehicles," the department said.
The 21 defendants, from five different states, were charged in two separate indictments on Wednesday, one in the Eastern District of California and the other in the Northern District of Oklahoma. Charges included conspiracy to transport stolen catalytic converters and conspiracy to commit money laundering, among others, the department said.
Six defendants are accused of buying stolen catalytic converters from thieves across the country, extracting the precious metals and selling them to refineries in an operation run out of DG Auto in New Jersey. The operation brought in an estimated $545 million, the department said. The 15 other defendants are accused of buying stolen catalytic converters and shipping and selling them to DG Auto in New Jersey, the department said. Three of those defendants allegedly ran an unlicensed business out of their garage in Sacramento, buying stolen converters from local thieves and selling them to DG Auto. The department estimated that they made over $38 million selling the stolen parts.
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