Palatine official’s jewelry store cited for pawning without license

Shortly after he spoke out Monday against a jewelry store’s request to offer collateral loans, Palatine Councilman Aaron Del Mar discovered the shop in which he’s a minority owner had itself been cited for pawning without a license.

The state Department of Financial and Professional Regulation on Feb. 8 ordered Exquisite Jewelers, located at 1590 N. Rand Road, to cease and desist business as a pawnbroker operations and fined the business $1,000.

Del Mar said he founded the jewelry store, but hasn’t been involved in day-to-day operations since he reduced his ownership stake to 15 percent about five years ago. He was told of the violation after Monday’s council meeting.

“This isn’t something I’m proud happened even in my limited ancillary role,” Del Mar said. “It hits close to home, but it doesn’t change my position that we need to give Palatine more of a hometown feel.”

Last December, an Exquisite Jewelers employee offered a state investigator money in exchange for jewelry and explained the loan’s terms, according to state regulators. The state defines that practice as a pawnbroker business, and the Palatine store isn’t licensed as such.

Del Mar said his partner assured him it was an isolated event and that the employee didn’t know the law. He said the state’s action was based on a phone inquiry by the investigator and that no physical transaction ever took place.

Del Mar said he has requested to be bought out, though he remains friends with the majority owner. He added that he’s urged his partner to fire the employee and ensure all staff is fully versed in the pawn statute.