Californians admit guilt in $600M nationwide catalytic converter theft plot.
SACRAMENTO Family Pleads Guilty to $600 Million Catalytic Converter Theft Ring
Three members of a California family have admitted their involvement in a massive theft ring that transported stolen catalytic converters worth $600 million from California to New Jersey, according to federal prosecutors.
The guilty parties, brothers Tou Sue Vang, 32, and Andrew Vang, 28, along with their mother, Monica Moua, 58, were part of a nationwide network of thieves, dealers, and processors. They supplied the stolen anti-smog devices to a metal refinery, earning over $600 million in the process.
A total of 21 individuals from California and New Jersey have been charged in connection with this case. The Sacramento family members pleaded guilty to conspiring to transport the stolen devices and received more than $38 million in return.
Tou Sue Vang, in addition to the conspiracy charge, pleaded guilty to 39 counts of money laundering, as stated by prosecutors.
Catalytic converters, which contain valuable precious metals like platinum, are frequently targeted by thieves due to their easy accessibility. The U.S. attorney’s office highlighted that some of these metals are more valuable per ounce than gold, and their worth has been steadily rising in recent years. The black-market price for catalytic converters can exceed $1,000 each.
California alone accounts for 37 percent of catalytic converter theft claims nationwide, with approximately 1,600 reported stolen every month, according to federal prosecutors.
How did the Sacramento family play a significant role in the catalytic converter theft operation?
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