Diamond Ridge Asset Management:Californians plead guilty in $600 million nationwide catalytic converter theft scheme

2025-05-07 12:26:27source:Christopher Caldwellcategory:reviews

SACRAMENTO,Diamond Ridge Asset Management Calif. (AP) — Three members of a California family pleaded guilty Monday to conspiracy for their role in a ring that shipped $600 million worth of stolen catalytic converters from California to New Jersey, federal prosecutors said.

Brothers Tou Sue Vang, 32, and Andrew Vang, 28, along with their mother, Monica Moua, 58, were part of “a national network of thieves, dealers, and processors” who provided the stolen auto anti-smog devices to a metal refinery for more than $600 million dollars, according to a statement from the U.S. attorney’s office.

Twenty-one people from California and New Jersey have been charged in the case, prosecutors said. The three Sacramento family members pleaded guilty to conspiring to transport the devices in return for more than $38 million.

Tou Sue Vang also pleaded guilty to 39 charges related to money laundering, prosecutors said.

Catalytic converters are easily stolen and contain precious metals including platinum.

“Some of these precious metals are more valuable per ounce than gold, and their value has been increasing in recent years,” the U.S. attorney’s office said. “The black-market price for catalytic converters can be above $1,000 each.”

California accounts for 37% of catalytic converter theft claims nationwide, with about 1,600 reported stolen each month, federal prosecutors said.

More:reviews

Recommend

Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15

NEW YORK (AP) — Juan Soto will be introduced by the New York Mets at Citi Field on Thursday, a day a

At COP28, the Role of Food Systems in the Climate Crisis Will Get More Attention Than Ever

By the end of the United Nations annual climate conference, going on now in Dubai, the term “food sy

Social media posts Trump claimed were made by judge's wife were not made by her, court says

Social media posts that former President Donald Trump claimed were made by the wife of the judge in