Endicott NY (WBNG Binghamton) - A local pawn shop owner in Endicott is trying to recover after his business took a large hit. The reason for the hit is that he was sold fake gold.
Mohammad Farzad, owner of All Star Pawn Shop in Endicott, said last month two men on two separate occasions came to his shop to sell him 1 oz. gold bars.
"They looked very authentic because they had serial numbers on the back, they had the weight stated on the back,” Farzad said,
But at first fake gold wasn't Farzad's biggest concern.
"At the time I was too consumed trying to figure out how does a 30 year old or this guy get 50 gold bars,” Farzad said. “I was hoping they wouldn't be stolen and that was my main concern and I neglected to test them."
After purchasing them he never took the gold bars out of the packaging. He said he was going to sell them to his refiner until his refiner called him.
"He was supposed to call me to let me know of the results and let me know how much I was supposed to get for them and he didn't so I called him and he proceeded to tell me that he had bad news,” Farzad said.
Farzad then contacted the Endicott Police Department. On Monday, Endicott Police said they had arrested James Sanicola II, 26, of Binghamton, Kenneth Wilson, 25, of Binghamton and Tyler Donahue, 22, of Owego, were arrested on several counts of grand larceny in the third degree, class D felonies.
Police also said the men had been selling the bars to several local businesses in Johnson City, Endicott, and Vestal.
Farzad said he spent around $14,000 in total on the bars. He hopes other businesses don't fall into the fake gold trap.
"For this area, a small area like this, to take a big hit like this from several businesses -- it's going to be difficult to recoup,” Farzad said.
Police said the bars are actually brass covered in a thin layer of gold.
COMMENTS: The minute you bypass an important procedure is the minute where an opportunity opens for the criminal minded.
09 Jun 2017
08 Jun 2016
New 8 TB Hard Drives will add weeks and possibly months to your current recording system. Not all...
30 May 2016
4/28/2016 – ARMED ROBBERY AT MIAMI PAWNSHOP GETS AWAY WITH $500,000 IN MERCHANDISE...
18 May 2016
Endicott NY (WBNG Binghamton) - A local pawn shop owner in Endicott is trying to recov...
15 Dec 2015
When it comes to Effective Loss Prevention planning, Operational compliance and hardworking dedic...
14 Dec 2015
In addition to a rise in drug use, several Lebanon County police chiefs pointed to pawn shops a...