MJP –
A man from North Carolina admitted that he was part of a catalytic converter theft operation that operated out of his Emporia business and involved multiple states.
The 45-year-old scrap metal trader Theodore Nicholas Papouloglou bought stolen catalytic converters through his company, DG Auto.
Court records show that Papouloglou’s New Jersey co-conspirators sent him over $12.2 million in wire transfers beginning in 2020. Japan was the final destination of the stolen catalytic converters after they were shipped to New Jersey.
Papouloglou facilitated large-scale cash payments for his New Jersey-based accomplices to buy stolen catalytic converters from vendors in Texas and Oklahoma. Papouloglou illegally transferred monies totaling at least $6.6 million.
With the money he got from DG Auto South, Papouloglou bought a house and a motorbike for his fiancée, and he also went gambling in Las Vegas.
Papouloglou did not pay taxes in 2020 and 2021, even though he earned money from DG Auto South.
SEE MORE –
High-Track! Massive Data Leak Puts Millions of Americans’ Banking Information at Risk
Papouloglou consented to have several vehicles linked to the crime seized by law enforcement:
Jeep Gladiator Sport Apocalypse (2020) Ford F250 Roush (2021). Two convertible supercars: the 2020 McLaren 720s and the Lamborghini Huracan.
2021 McLaren 765LT, 2019 Ferrari 488 Pista, 2021 Mercedes-AMG G63, and 2021 Ford F450 Super Duty
Because the metals used in catalytic converters, such as palladium, platinum, and rhodium, are so valuable, they are often the object of theft. On the illegal market, a catalytic converter can cost more than $1,000, and some of the metals are worth more than gold per ounce.
Police reports indicate that a catalytic converter may be removed from a vehicle’s underbelly in less than a minute.
On February 20, 2025, Papouloglou is expected to be sentenced. He might spend the next decade behind bars if found guilty.
