Nearly $1 million in gold has been seized and a representative of a cash-for-gold business is expected to appear in court shortly following a police raid last Friday.
According to police, Scott Goodman, a director of Barbados Gold Buyers, located in the James Fort Building, Hincks Street, Bridgetown, has been warned of intended prosecution under the Precious Metals And Second Hand Metals Act 2013.
He was warned that between February 25 and March 15 his company was engaged in the trade of precious metals without a licence.
The police executed a search warrant at the business place and removed the gold, along with documents. The 35-year-old Goodman, in his capacity as a director, was subsequently interviewed and warned.
A summons will be issued this week for a representative of the business to appear in court.
This is the second time that the police have exercised their powers under the act as they intensify their efforts to enforce the new law.
The first time was also last Friday, when Andre “Pug” Payne, the owner of the Roebuck Street, Bridgetown store Brooklyn’s Finest, appeared in the District “A” Magistrates’ Court.
Payne was not required to plead to the indictable charge that he breached Section 4 (1) of the new act, and was released on bail of $50 000. He will reappear in court on May 16.
Under the new legislation, which was passed on January 28, anyone who operates as a precious metals dealer, or as a second hand metals dealer, without a licence is liable, on conviction at the High Court, to a fine of $50 000 or imprisonment up to ten years. If the offender is a business or a company, the fine is $50 000.
Police public relations officer Inspector David Welch said yesterday that the action was part of the two-pronged attack the force was engaged in to effectively manage the impact the cash-for-gold business was having on the society.
The other was the establishment of a special squad which was making inroads on the snatch-and-grab robberies against locals and tourists, some with violence.
