Multimillion dollar catalytic converter theft ring operated out of Philadelphia towing business, prosecutors say | CNN

Prosecutors said TDI Towing purchased $8.2 million dollars’ worth of stolen catalytic converters from “cutters,” a name given to the thieves who steal them, and later resold them with an 8% markup. The converters, which reduce pollution and toxic gas from a vehicle’s emissions, contain valuable precious metals such as palladium, platinum and rhodium.

Williams is facing several charges related to buying, possessing, and selling stolen catalytic converters, in addition to organized crime and corruption charges, according to court documents. Williams is accused of purchasing stolen catalytic converters from “cutters” from 2020 when the Covid-19 pandemic caused supply-chain issues, resulting in a market price increase for the precious materials inside, ranging from $1,000 to $7,000 per ounce, Weintraub said.

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