Philly towing agency nabbed for stealing catalytic converters to tune of $8 million

A Philadelphia towing firm, its proprietor and workers are accused of operating a catalytic converter ring that paid over $8 million for the stolen automotive components from 2020 to 2023.

Four thieves have additionally been charged and accused of stealing converters later bought to the towing firm.

Charges in opposition to TDI Towing and different defendants have been introduced by the Bucks County District Attorney’s Office in Pennsylvania Tuesday.

Catalytic converters are useful as a result of they comprise the dear metals rhodium, platinum and palladium. Thieves steal converters from automobiles and promote them to intermediaries, who in flip promote them to individuals who can course of the metals into powder with a course of known as decanning. The powder is then bought to metallic refineries.

The common price to customers to restore a stolen catalytic converter, a essential element for adhering to emissions requirements, is round $2,000.

From 2020 to this 12 months, 1000’s of converters have been stolen out of Bucks County, plus different Delaware Valley jurisdictions, together with New Jersey and Pennsylvania’s Montgomery and Delaware counties and Philadelphia.

Investigators accuse TDI Towing of being the principle purchaser of stolen converters within the space. Operating as a towing enterprise by day, the yard performed host to thieves promoting their stolen items by evening. Law enforcement claims one converter was even taken from a car proper outdoors the yard.

On common, the Bucks County DA claims, TDI Towing workers Michael Bruce, Eric Simpson, Kevin Schwartz, Patrick Hopkins, Lisa Davalos and a 17-year-old initialed M.E. have been shopping for 175 converters per week at round $300 a pop — about 27,300 in complete costing $8 million over the 4 years.

The firm, employees and proprietor Michael Williams are charged with corrupt group, legal conspiracy, dealing in illegal proceeds, theft by illegal taking, theft of catalytic converters, theft by receiving stolen property, possession of an instrument of crime, and legal use of a communication facility.