AURORA, Colo. (CBS4)– A jewelry dealer is one of two men accused in a theft ring worth more than $400,000.

Investigators said the stolen merchandise was then sold at the Gold Exchange at 3140 S. Parker Road in Aurora.

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“We’re talking about Rolex watches, jewelry, necklaces and even a ring valued at $50,000,” said Deputy Attorney General Matthew Durkin.

Karen Gasparyan, 30, and Mohinder Grover, 63, have been indicted in the so-called “Pawn Star” investigation.

Karen Gasparyan and Mohinder Grover (credit: Attorney General's Office)

Karen Gasparyan and Mohinder Grover (credit: Attorney General’s Office)

The indictments come after a year-long investigation involving the Aurora Police Department, FBI and Cherry Hills Village Police.

Durkin said Gasparyan used bad checks to buy $425,000 of merchandise from local jewelry dealers. Then he would allegedly disappear after fencing the items through Grover’s Gold Exchange store.

“Mr. Grover knew the items he was receiving from Mr. Gasparyan were not Mr. Gasparyan’s to sell,” said Durkin.

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The indictment also states that Gasparyan bilked thousands of dollars from people while pretending to own a car dealership.

“Karen’s been doing this all over town and is a pretty bad seed,” said Cash in a Flash owner Kurt Brinkerhoff.

Brinkerhoff said Gasparyan ripped off more than $25,000 of his merchandise.

“What he’s done to my business and what I’ve heard from other people… yeah, he’s really a bad person,” said Brinkerhoff.

Brinkerhoff said the charges against the two men could affect his business, “It puts a bad light on respectable people that are doing business the correct way.”

He said justice for the victims is a long time coming.

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“Hopefully the people that are doing a shady business will get fully prosecuted,” said Brinkerhoff.