Police: Store owners purchased stolen property

PHOTOGRAPHER: Photo Provided

Gregory A. Fanos (left), 57, and Evangelos G. Fanos, 26.

COLONIE — An undercover investigation into the sale of stolen goods in Colonie has led to the arrest of two proprietors at a town business, police said.

Police used information from shoplifting and burglary suspects, as well as drug users, to zero in on Xchange Cash and Trade, 1121 Central Ave., police said.

Investigators then used surveillance and undercover operatives to make sales of purported stolen property at the business. Some of the property still had security tags, police said.

Police charged father and son Gregory A. Fanos, 57, of 1 Oakwood Drive West, Colonie, and Evangelos G. Fanos, 26, of 1 Laurandale St., Colonie.

Both face two counts of third-degree criminal possession of stolen property. Further charges are possible. They were arraigned and ordered held on $15,000 bail.

Police were assisted by the Albany County District Attorney’s Office and the state police. Home Depot, Target and Wal-Mart provided merchandise and/or funding to assist in the investigation, as well as technical assistance, police said.