A South Street pawnshop trafficked millions of dollars’ worth of stolen items
Nat Leonard ran the Society Hill Loan shop on the corner of Seventh and South Streets, and prosecutors say he used the store to re-sell items he knew had been stolen from big box retailers.
The longtime operator of a South Street pawnshop pleaded guilty Wednesday to helping oversee a scheme in which he sold huge quantities of items that he knew had been stolen from retailers including Walmart, Home Depot, and CVS — an operation that federal prosecutors say netted his business tens of millions of dollars.
Nat Leonard was the boss of Society Hill Loan, a store with a bold yellow sign at the corner of Seventh and South Streets that describes itself as the city’s oldest pawnshop. The business, which is still open, has long been known for having a large supply of musical instruments — particularly vintage guitars — and Leonard over the years posted photos of himself on Instagram with artists who stopped by, including Kurt Vile, Mike Campbell, and Alice Cooper.
But behind the scenes in recent years, prosecutors said in court documents, Leonard helped oversee a system in which groups of thieves — whom he often referred to as “boosters” or “mooks” — sold him goods including power tools, computer equipment, and electronics that he knew had been stolen from big-box retailers.
Leonard, who paid in cash at rates well below retail value, would then resell the items through Society Hill Loan or its eBay store, prosecutors said. Between late 2019 and 2023, prosecutors estimated, Leonard’s shop sold more than $19 million worth of stolen goods, and they said he sold an additional $4 million worth to an out-of-state wholesaler.
Leonard was indicted late last year alongside his cousin, Larry Leonard, who prosecutors said also participated in the scheme while running two other area pawnshops: K&A Money Loan Pawnbrokers in Kensington, and Lou’s Jewelry & Pawnshop in Wilmington.
Larry Leonard — who has pleaded not guilty and is awaiting trial — is accused of taking a more active role in the conspiracy, organizing sales and coordinating pickups and drop-offs between stores.
Still, prosecutors said, Nat Leonard oversaw Society Hill Loan’s eBay shop, where hundreds of stolen items were available for purchase over the course of several years. He pleaded guilty to charges of conspiracy to transport stolen goods and interstate transportation of stolen goods.
In court Wednesday, Leonard said little as he stood before U.S. District Judge John Milton Younge and admitted his guilt, and he declined to comment afterward. He is scheduled to be sentenced in December.
Leonard’s attorney, Michael Diamondstein, said that Leonard had been a “paragon” of the city’s business community for many years, and that he was “extremely remorseful for his actions.”