Information was obtained from police and court records, newspaper cuttings, conversations with offenders, and an examination of police methods. Twenty-six major receivers were studied. The receiver mediates between the thief and the final recipient of stolen property. The term 'fence' is ordinarily used to describe those who make their criminal living by dealing in stolen goods most of the time. This study does not deal with direct thief-customer transactions. The major point of interest about the professional fences examined is their distinctive immunity from criminal prosecution as shown by their high 'prison-free ratio.' Compared to the other roles played in the organized network of turning property crime into cash, the receiver is subjected to the fewest charges, even in relation to other background roles (providers and organizers). Much of this can be explained by the police focus upon arresting and charging the thief even though the stolen property may have left his possession and entered the receiving network, thus leaving much of the criminal enterprise fueling property crime untouched. Out of the 31 charges made against 17 of the 26 receivers studied, 14 are accompanied by summary descriptions, of which only 1 or 2 focus on dealing in stolen property. The other charges address only the activity of receiving without reference to the more serious charge related to a criminal pattern of dealing in stolen property. The 26 receivers were found to be quite adept at concealing the criminal pattern of their activity while appearing to be involved in legitimate business. Suggestions are offered for further related research. Two tables and 13 references are provided.