Gold buying business shut down with arrest of owner

Friday, May 11, 2012 - 5:04pm

A local business owner sits behind bars tonight following his arrest on multiple charges including Illegal possession of stolen things.

Shreveport Police Detectives with the Pawn Shop Division were notified in reference to a report filed by the victim earlier this month after noticing several pieces of her jewelry were missing from her home.

An investigation was launched, which soon revealed that the jewelry items had been stolen by a family member who redeemed the jewelry for cash at the Gold and Silver Money Tree business located in the 1600 block of East 70th Street.

The suspect in the thefts, 20-year old Jordan Young of Shreveport was arrested for felony theft and booked into the Shreveport City Jail. It was learned that the owner of the Gold and Silver Money Tree, 49 year old Stanley Siler, conducted numerous business transactions involving Young over the past few months, with the most of the items belonging to the victim.

Further investigation into the business practices of Siler reveled that he was in violation of the state laws that regulate the disposal or changing the identity of items received by a second hand dealer, requiring a mandatory thirty day hold period. It was learned that Siler readily had items "smelted" down while he received the cash in return for the stolen property without adhering to applicable state laws.

In an effort of good faith, Siler agreed to return the remaining portion of the victims stolen items; however he secretly attempted to replace the victims items with ones similar appearance, knowing that the items had already been destroyed.

Siler was arrested and booked into the Shreveport City Jail on charges of illegal possession of stolen things and Disposal/changing identity prohibited during thirty-day period. Siler's business remains closed at this hour. The victim's loss amounted to several thousand dollars.

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