An employee at the other pawnshop said he was better off selling it online, citing the new law. Neither pawnshop accepted the items, though one pawnshop employee coached the undercover officer to open the item, use it once and bring it back the next day.
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Pawnshop laws vary by state, but Utah's laws make it easier for law enforcement to crack down on organized retail crime.ĬNBC rode along with undercover law enforcement officers in Utah attempting to sell stolen, unopened merchandise to two separate pawnshops after the law was passed in September. It was passed in an effort to curb the selling of stolen merchandise.
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Beyond eBay, he said, "We work with Lowe's, Target, Walmart, CVS."Įarlier this year, Utah enacted a law that prohibits pawnshops and other secondhand merchants from accepting unopened merchandise in original packaging without a receipt or items where serial or identifying numbers have been removed. While retailers may be competitors when it comes to selling product, when it comes to identifying criminals stealing merchandise, it's a group effort, Bourne said. as an organized retail crime manager for Home Depot. "During the course of a year-long investigation with the attorney general's office and the unified police department, we ended up seizing 53 pallets worth of merchandise in one day from seven locations," said Jamie Bourne, who manages four teams strategically located in different parts of the U.S. Ultimately, Walden's team served seven simultaneous search warrants. In Salt Lake City, the retailer worked with the state's attorney general's office over several years to close down a $1.5 million fraud case that involved seven pawnshops and a crime ring that was stealing and reselling the stolen goods.Ĭhris Walden, a special agent with the Utah Attorney General's Office, said eBay identified 34 Utah pawnshops where suspected stolen merchandise was being sold, both out of the shop itself and on eBay. Utah is one state where Home Depot, eBay and law enforcement have been working together to identify and prosecute organized retail crime rings. The felony threshold is the dollar value of goods stolen that determines if charges are a felony or a misdemeanor. Glenn said he has seen a correlation between higher rates of organized retail crime and areas of the country where the dollar amount for felony thresholds have been raised. In other words, higher prices for honest shoppers.
"But if gets to a point where we cannot continue to do business this way, ultimately, we will have to pass it along." "We have been very good about not raising prices as a result of our shrink equation," said Scott Glenn, Home Depot vice president of asset protection. Lowe's shares, which have a market value of $90.3 billion, are also up about 27% in 2019. Disappointing third-quarter results have put pressure on the stock in recent days. Home Depot shares, which have a market value of $239.3 billion, have climbed 27% this year. Not only is that bad for shareholders, but it can be bad for consumers. While retailers account for a certain level of shrinkage as part of the normal course of business, once it surpasses a threshold, it starts to hurt profits.
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