A North Carolina man pleaded guilty to his role in a multi-state catalytic converter theft ring that operated via his Emporia-based firm.
Theodore Nicholas Papouloglou, 45, a scrap metal trader, used his firm, DG Auto, to buy stolen catalytic converters from thieves.
According to court filings, Papouloglou received more than $12.2 million in wire transfers from his New Jersey co-conspirators beginning in 2020. They took the stolen catalytic converters to New Jersey and then shipped them to Japan.
Papouloglou helped his co-conspirators in New Jersey purchase stolen catalytic converters from other vendors in Texas and Oklahoma by arranging bulk cash payments. Papouloglou illegally transferred funds worth at least $6.6 million.
Papouloglou spent the money he earned from DG Auto South on personal expenses, such as buying real estate and a luxury motorcycle for his fiancée, as well as gambling at Las Vegas casinos.
Despite receiving money from DG Auto South, Papouloglou paid no taxes in 2020 or 2021.
Law enforcement confiscated several automobiles related to the offense, and Papouloglou consented to surrender them
- 2021 Ford F250 Roush
- 2021 Jeep Gladiator Sport Apocalypse
- 2017 Lamborghini Huracan Convertible
- 2020 McLaren 720s Convertible
- 2021 Mercedes-AMG G63
- 2019 Ferrari 488 Pista
- 2021 McLaren 765LT
- 2021 Ford F450 Super Duty
Due to the high value of the metals, such as palladium, platinum, and rhodium, thieves frequently target catalytic converters. Some metals are worth more per ounce than gold, and the black market price for catalytic converters can exceed $1,000.
According to law enforcement, a catalytic converter can be removed from an automobile’s underbelly in less than a minute.
The court will sentence Papouloglou on February 20, 2025. He faces a maximum of ten years in prison.
