FOR FIVE MONTHS A TEAM OF WASHINGTON POLICE AND FEDERAL BUREAU OF INVESTIGATION MEN, MASQUERADING AS 'BIG BUYERS' FROM NEW YORK, OPERATED A WILDLY POPULAR FENCING RING OUT OF A DINGY WAREHOUSE IN WASHINGTON, D.C. WITH AN OUTLAY OF $122,000, THE TEAM RECOVERED 3500 STOLEN ITEMS VALUED AT $2.4 MILLION AND ARRESTED SOME 200 THIEVES, JUNKIES, WOULD-BE HIT MEN, PROSTITUTES, AND EVEN A FEDERAL PROSECUTOR. THIS STORY, TAKEN FROM THE VIDEOTAPES AND VOICE RECORDINGS USED AS EVIDENCE, AS WELL AS FROM INTERVIEWS, OFFICIAL FILES, COURT RECORDS, TRIAL TESTIMONY AND EXHIBITS, TELLS THE STORY OF THE 'WASHINGTON STING' OPERATION IN A LIGHT, HUMOROUS MANNER. THE DETAILS OF THE FALSE FENCING OPERATION ARE GIVEN ALONG WITH BRIEF PORTRAITS OF THE CRIMINALS AND THEIR MODES OF OPERATION.