ST. PETERSBURG - Two St. Petersburg pawn shops were busted for knowingly taking stolen property in exchange for cash during a six-month undercover investigation, according to police.
Three Geckos Pawn Shop, located on 2312 4th Street North, and Thrift Busters, located at 3419 32 Avenue North, were served search warrants Thursday morning at 10:45.
Detectives received information that both locations were intentionally taking stolen property from customers.
Over the last six months, undercover detectives participated in a sting called “Operation Midas Touch”.
During the sting, detectives went to both businesses with jewelry and other valuables, telling pawn shop clerks the items were stolen.
The clerks readily accepted the property, paid out cash and they failed to report the transaction of received property as required by law.
Detectives are at both locations conducting their search of the two businesses.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.