FBI hauls truckloads of items from long-time Providence metals recycling company
PROVIDENCE – The FBI removed truckloads of items from the premises of a company that recycles catalytic converters on Thursday.
Accurate Converter, which is headquartered on a lot next to Savers off Branch Avenue, was the focus.
An FBI spokeswoman, Kristen Setera, said that the activity at the scene was court-authorized and there was no threat to public safety.
She declined to comment on what the agents and their local law-enforcement partners are investigating, citing the need to protect the investigation.
At the scene, a forklift was loading pallets of material into a large box truck.
Providence police Maj. David Lapatin said that both Providence and Cranston police are working with the FBI on a case.
A post on Accurate Converter's website describes the company as "a full service catalytic converter recycler, for the recovery of platinum, palladium and rhodium."
The website says the business is headquartered in Providence, has branch offices in Massachusetts, Arizona and Florida and is one of the largest recyclers of non-ferrous metals in the United States.
The website also uses this phrase to convey what the company does: "Buyers, processors and refiners of catalytic converters."
What are catalytic converters?
A catalytic converter is a part of the automotive exhaust system that's between the engine and the muffler. It turns certain harmful emissions – such as carbon monoxide and nitrogen oxide – into into less harmful gases or water vapor.
Some of the materials in converters are precious metals, and the value of those metals has skyrocketed in recent years.
On Tuesday, USA TODAY reported that the value of rhodium averages $10,700 per ounce. Palladium averages $1,568 and platinum $1,010.
In 2022, thefts of catalytic converters nationwide jumped 540% from their level in 2020, according to BeenVerified.
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This article originally appeared on The Providence Journal: FBI seizes items from Providence's Accurate Converter on Branch Ave
