second Chicago metal recycler has been raided by federal
authorities in what some sources say is just the tip of the
iceberg. Serlin Iron & Metal Co. was the target Aug. 22 in
an ongoing investigation, a spokesman for the U.S.
Attorneys Office in Chicago told AMM. "We
dont have any additional comment or public information at
this time," he said.
The metal recycler,
which according to its website has more than 50 years
experience in the business and handles industrial scrap, had no
The raid followed a
similar one at Acme Refining Co.s Chicago headquarters a
day earlier (
amm.com, Aug. 21). "We have no comment, but will
cooperate with authorities," an Acme spokesman told
The Internal Revenue
Service Criminal Investigation division confirmed that it was
on site at both raids.
Sources indicate that
20 metal recycling facilities and perhaps as many as 100
industrial scrap suppliers are being scrutinized as part of a
sweeping criminal investigation.