Santa Barbara police recover hundreds of thousands of dollars as part of jewelry store theft investigation

SANTA BARBARA, Calif. - Santa Barbara police arrested a Los Angeles County man and recovered several hundreds of thousands of dollars in cash as part of an investigation involving a theft at a jewelry and pawn shop.

According to police, tens of thousands of dollars in precious metals and high-end jewelry were stolen from a local pawn shop on May 26.

As detectives investigated, they keyed in on a 45-year-old Los Angeles County man who was a coin and collectible dealer himself. The owner of the pawn shop told police that the man helped with inventory and appraisals at the shop. Police say security footage showed the man taking a large amount of inventory and placing it into his backpack.

Police were able to obtain warrants for the search and arrest of Greggory A. Schneider. Last Wednesday, Schneider was arrested and taken into custody. Police said he was found to be in possession of several hundreds of thousands in cash. The cash was taken into evidence, police said.

He was booked into the Santa Barbara County Jail where he awaits charges for felony grand theft from an elder. He's being held on $50,000 bail.

The investigation is ongoing.