Fast Eddie's Pawn, West Hartford, CT makes the news following a residential burglary
roadrunner
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Hartford Courant link
This would be of more interest to CT or MA residents who sell their stuff in the Hartford, CT area. Some rare coins were included in the $48K theft so it is on topic. $1,463 was given to the thief for the merchandise, mostly jewelry. It's not likely the jewelry was really worth that but one can dream on assigned appraisal values.
Considering that Fast Eddie's and Good Ole Tom's pawn shops constantly advertise on our local TV stations, it's interesting to see something like this pop up. The police contacted the store and they confirmed some of those items were there. When the police showed up the next day all the merchandise was reported as sold.
This would be of more interest to CT or MA residents who sell their stuff in the Hartford, CT area. Some rare coins were included in the $48K theft so it is on topic. $1,463 was given to the thief for the merchandise, mostly jewelry. It's not likely the jewelry was really worth that but one can dream on assigned appraisal values.
Considering that Fast Eddie's and Good Ole Tom's pawn shops constantly advertise on our local TV stations, it's interesting to see something like this pop up. The police contacted the store and they confirmed some of those items were there. When the police showed up the next day all the merchandise was reported as sold.
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You'd think there'd be some leads to the very recent purchaser(s), if the goods really were sold. Perhaps there are but it wasn't smart to report it.
The perp sounds like a real loser. Even stole meds.
Lance.
Pawn shops in CT are definitely regulated and required to record licenses and have holding periods after put up on the state pawnbroker registry. See here.
Not sure what the law is in CT but some states have 10-30 days holds on purchases in pawn shops - and in my state they have to submit purchases via a database to the state police. Of course the local pawn shop still slips up and purchases stolen stuff and sells it and makes the news.
The holding period in CT came about in the 1970's when Connecticut's Governor had her "silver" stolen. I suppose it was sterling flatware. Lawmakers apparently couldn't get a bill through fast enough to protect us citizens. Still, it seems a low % of both shops and regulators pay much attention to the holding period rules until something is stolen and push comes to shove. I know there are crooks out their stealing jewelry from homes. I'm more concerned about what merchants end up with those goods and how they deal with it. According to a coin shop owner near me they have to maintain a ledger available to the local police on all purchases....technically down to every 2c wheat penny.
From Connecticut's statute:
(b) Each such pawnbroker shall maintain a computerized record-keeping system deemed appropriate by the licensing authority, in which shall be entered in English, at the time the pawnbroker receives any article of personal property by way of pledge, deposit or purchase, a description of such article, the name, residence address, proof of identity as required in subsection (a) of this section and a general description of the person from whom, and the date and hour when, such property was received and in which, if the property does not contain any identifiable numbers or markings, shall be included a digital photograph of each article. Each entry in the record-keeping system shall be numbered consecutively. A tag shall be attached to the article in a visible and convenient place with a number written on such tag corresponding to the entry number in the record-keeping system and shall remain attached to the article until the article is sold or otherwise disposed of, provided the licensing authority shall prescribe procedures authorizing the removal of such tags from articles, including those articles consisting of jewelry that are cleaned and repaired on the premises by the pawnbroker, that will provide accountability for such articles. Such tag shall be visible in a digital photograph taken in accordance with this section. Such record-keeping system and the place where such business is carried on and all articles of property therein may be examined at all times by any state police officer, municipal police officer, the licensing authority or any person by them designated. Any state police officer or municipal police officer who performs such an examination may require any employee on the premises to provide proof of the employee's identity. All records maintained pursuant to this section shall be retained by the pawnbroker for not less than two years.
On top of that, a no-less than weekly report is to be sent to your local police/regulator on all purchases/sales made in that recent period. And there's a 10 day hold on all purchases. Fast Eddie must have missed that one.
No holding required on coins and bullion. (so steal those with impunity).
5 day hold on the rest of the stuff.
This is a statewide regulation because some towns had excessive holding periods. All the players need be on equal footing.
Gold has a world price entirely unaffected by accounting games between the Treasury and the Fed. - Jim Rickards
A Connecticut coin dealer corrected me on the current laws which have changed recently.
No holding required on coins and bullion. (so steal those with impunity).
5 day hold on the rest of the stuff.
This is a statewide regulation because some towns had excessive holding periods. All the players need be on equal footing.
According to the OP,
I think there is something in the regulation that once the police contact the store with the list of stolen items, none of those items are to be sold. If that is the case, (which it should be IMO), then Eddy's might be in some trouble with the police.
An authorized PCGS dealer, and a contributor to the Red Book.
violate laws. Often goods are received and turned quickly with no records...I believe such operations used to be termed a 'fence'...Cheers, RickO
So when you sell a coin at a show is it fencing when you see them do no receipt and sell the coin very fast to the dealer next to them?
And just because the Warrant stated "48k" does not mean that it was worth that. What if they went paid full retail for jewelry from one of those overpriced jewelry shops for 2nd rate jewelry? And say the market is in the tank?
I'm not saying the shop pay's well at all. Just that we have no idea of the real story.
I used to ride by there and you would see folks backed up to the door bringing in all kinds of stuff including stolen lawnmowers, tools , etc.
As I mentioned, they are closed up but it was not because of this, police in this area never seem to pin him down.
No sales records? Nothing at all?
You'd think there'd be some leads to the very recent purchaser(s), if the goods really were sold. Perhaps there are but it wasn't smart to report it.
The perp sounds like a real loser. Even stole meds.
Lance.
theyll get some heat for not having records on that one. wtg