RICHMOND, Va. (WRIC) -- A North Carolina scrap metal dealer and Emporia business owner was sentenced to over two years in prison for the part he played in a catalytic converter theft conspiracy that spanned multiple states. On Wednesday, March 12, 45-year-old Theodore Nicholas Papouloglou of North Carolina was sentenced to two years and three months in prison for theft and fraud charges related to this conspiracy, according to the U.S. Department of Justice (DOJ). He previously pleaded guilty to these charges in Aug. 2024. PREVIOUS: North Carolina man, Virginia business owner part of multi-state catalytic converter theft conspiracy Catalytic converters' centers, or "cores," use precious metals, including palladium, platinum and rhodium. As such metals can be sold at a high value, they are often targeted by thieves. In a press release from the time of Papouloglou's guilty plea, the DOJ said that some metals used in catalytic converters "are more valuable per ounce than gold." Papouloglou's role in this conspiracy involved his Emporia auto business, DG Auto South. According to court documents, he would purchase stolen catalytic converters from thieves and then transport them to co-conspirators in New Jersey. In 2020 and 2021, Papouloglou earned over $12.2 million from this scheme. He also paid no taxes on either these earnings or his other income from DG Auto South for these two years. Separately, Papouloglou aided his New Jersey co-conspirators in purchasing stolen catalytic converters from sellers in states like Texas and Oklahoma. He did so by facilitating bulk cash payments between his co-conspirators and said sellers. Through this method, Papouloglou illicitly transferred funds worth at least $6.6 million. Using his earnings from this conspiracy, Papouloglou purchased a variety of personal items, such as real estate and a luxury motorcycle for his girlfriend. According to the DOJ, he also gambled at casinos in Las Vegas. In addition to his sentence, Papouloglou was ordered to surrender various vehicles the DOJ says were associated with his crimes: 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) To read the full release, visit the DOJ's website. ...read more read less