Since it had been determined that the majority of thieves were selling stolen property to 'fences' in the city, the police department determined that an LEAA-funded undercover police fencing operation would be most effective in attacking property crime. The police hired one undercover police officer to work with an agent of the U.S. Treasury Department, Bureau of Alcohol, Tobacco, and Firearms. The two agents opened an apparently legitimate business and discreetly made it known that they would buy stolen goods. Project UFO operated from June 1977 to February 1978, during which time 250 fencing transactions occurred. Paying 5 percent or 10 percent of actual value, the undercover officers made purchases ranging from frozen steaks to a Cadillac Eldorado. At the close of the operation, over 100 suspects were arrested and 488 charges were brought; about $250,000 worth of stolen goods were recovered, with all traceable items returned to their owners. Videotapes were made of all the fencing transactions, which helped in achieving the 100-percent conviction rate for the project. Only six to eight cases are pending. Overall, property crimes dropped by 14 percent as compared to 1977 data.