Rainbow City Businessman arrested on theft related charges

Kenneth Ronald Greer

A 66 year old Rainbow City man has been arrested for receiving stolen property after he allegedly sold a ring he knew to be stolen.

Kenneth Ronald Greer,  is free on a  $2,500 bond. He was charged with second-degree receiving stolen property.

The arrest came after Gadsden detectives investigated the theft of several rings. According to a police report, a woman confessed to the theft and told detectives she had sold them Sept. 23 at Rainbow Jewelry and Loan. She told them when she went back to the store the next day, one of the rings, with a turquoise stone, was in the stores display case.

On Tuesday, detectives went to the store and talked to Greer. He showed them rings he said the woman had sold to him, but they weren't the rings detectives were looking for. Detectives described the rings, but Greer allegedly told them he didn't have the rings.

When pressed, the police report said, he located a Masonic ring that was identified as one of those the woman had taken. It was recovered by detectives, but they were told the other rings,  the turquoise ring, a ruby and diamond ring and a gold Krugerrand ring, 

were not at the store.

Detectives went back to the store Wednesday and talked to Greer again, and he found the turquoise ring, which was identified as stolen and recovered. According to the report, he was adamant he did not buy the gold Krugerrand ring.

Detectives contacted a Glencoe jewelry store and were told that the Glencoe store buys scrap from Greer, and that he sold some scrap to the business Tuesday afternoon — after detectives had talked to him and described the stolen rings. The scrap included the fitting for a ring like the Krugerrand ring, but the coin was missing. Detectives went to the Glencoe store and identified the ring, then went back to Rainbow Jewelry and Loan, where Greer gave them the missing coin from the ring.