Current:Home > StocksCalifornia family behind $600 million, nationwide catalytic converter theft ring pleads guilty -BrightFutureFinance
California family behind $600 million, nationwide catalytic converter theft ring pleads guilty
View
Date:2025-04-24 10:37:11
Three members of California family pleaded guilty to their roles in a $600 million nationwide catalytic converter theft ring that operated over a three-year period, prosecutors say.
The Vang family were part of a nationwide catalytic converter theft ring that ceased operations in October of 2022 after authorities coordinated a takedown of thieves, dealers and processors over a $600 million sale to a metal refinery.
Monica Moua, 58, and her two sons Tou Sue Vang, 32, and Andrew Vang, 28 were paid over $38 million to transport stolen catalytic converters from California to New Jersey, federal prosecutors from the Eastern District of California announced Monday. All pleaded guilty to conspiring to transport stolen catalytic converters from California to New Jersey in return for the multi-million dollar payments.
Tou Sue Vang also pleaded guilty to an additional 39 charges related to money laundering.
Nine people, including members of the Vang family, out of 21 people believed to be involved in the ring, will face charges in California.
Catalytic converter thefts:Drive a Ford, Honda or Toyota? Good news: Catalytic converter thefts are down nationwide
How did the family sell so many catalytic converters?
Prosecutors said the Vang family ran the operation from their home in Sacramento. After purchasing stolen catalytic converters from local thieves, they shipped the catalytic converters to DG Auto Parts, an LLC registered in New Jersey.
Six people who were managing multiple DG Auto locations in New Jersey had knowingly purchased the stolen catalytic converters and extracted the metal powders in the catalytic converter core, federal prosecutors allege.
The group then proceeded to sell the powders to a metal refinery for money.
Monica Moua and Andrew Yang are both facing up to five years in prison, while Tou Sue Vang could potentially serve anywhere between 5 and 20 years per count, in addition to fines that carry different stipulations per charge.
Midsized vehiclesSeven midsized cars went through a crash safety test. These three received 'poor' ratings.
What makes a catalytic converter so valuable?
The part itself isn’t as valuable as what’s inside it.
Catalytic converters were designed to reduce the amount of toxins and pollutants inside a vehicle’s internal combustion engine.
Precious metals inside the catalytic converter’s core including palladium, platinum, rhodium can be sold for large profit. Some of the metals found in the core are more valuable than an ounce of gold, according to the U.S. Attorney’s Office.
The amount of money paid for a stolen catalytic converter can vary based on the model of the vehicle and its location, but the part's can generally get $1,000 a piece.
The state of California accounts for 37% of all catalytic converter theft claims reported around the country, with approximately 1,600 stolen monthly in 2022.
veryGood! (3584)
Related
- Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
- In memoriam: Female trailblazers who leapt over barriers to fight for their sisters
- Michigan County Embraces Giant Wind Farms, Bucking a Trend
- I'm Crying Cuz... I'm Human
- Who are the most valuable sports franchises? Forbes releases new list of top 50 teams
- Federal Report Urges Shoring Up Aging Natural Gas Storage Facilities to Prevent Leaks
- Inside Blake Lively's Family World With Ryan Reynolds, 4 Kids and Countless Wisecracks
- Tulsi Gabbard on Climate Change: Where the Candidate Stands
- Global Warming Set the Stage for Los Angeles Fires
- Got neck and back pain? Break up your work day with these 5 exercises for relief
Ranking
- Gen. Mark Milley's security detail and security clearance revoked, Pentagon says
- Inflation grew at 4% rate in May, its slowest pace in two years
- U.S. announces $325 million weapons package for Ukraine as counteroffensive gets underway
- Kate Middleton Gives Surprise Musical Performance for Eurovision Song Contest
- McConnell absent from Senate on Thursday as he recovers from fall in Capitol
- Jill Biden had three skin lesions removed
- Take a Bite Out of The Real Housewives of New York City Reboot's Drama-Filled First Trailer
- All the TV Moms We Wish Would Adopt Us
Recommendation
McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales
Bernie Sanders on Climate Change: Where the Candidate Stands
More than half of employees are disengaged, or quiet quitting their jobs
U.S. Nuclear Fleet’s Dry Docks Threatened by Storms and Rising Seas
Romantasy reigns on spicy BookTok: Recommendations from the internet’s favorite genre
Farmers, Don’t Count on Technology to Protect Agriculture from Climate Change
A U.N. report has good and dire news about child deaths. What's the take-home lesson?
Damar Hamlin is discharged from Buffalo hospital and will continue rehab at home