Criminal Enforcement of Anti-Fencing Laws
for Jewelers Purchasing Gold

A jeweler in Stamford, CT. was arrested on charges that he purchased gold jewelry from the public and failed to comply with local anti-fencing laws.  The law in Connecticut requires specific paperwork on each purchase and does not permit payment in cash for jewelry purchased from the public.  The jeweler faces numerous criminal charges related to the purchase of over 500 items of gold and silver jewelry.  

Also be aware that buying precious metal and gemstones from the public may trigger the need for an anti-money laundering program, required by the Patriot Act.  While the jewelers in California face misdemeanor charges, the penalties for non-compliance with federal anti-money laundering laws are far more severe and can include hefty fines as well as prison.  The JVC offers extensive guidance on this issue in our Patriot Act Compliance Kit, available for purchase.