When Wsai Ismail Syed stepped into a taxi at Pensacola Airport in Florida, he was already tired from a long journey. It was a cold February morning in 2009, and he had traveled across the United States, spending time in Houston before heading to this meeting. Saeed wasn’t looking forward to relaxing in a hotel; instead, he was focused on a late-night business deal with two strangers—Butch Cassidy and William Smith. They met at a nearby supermarket.

As the clock struck midnight, Saeed, 32, was worried that the $28,000 he carried might be stolen. But when he shook hands with the two men, his fears eased. They looked like ordinary blue-collar workers—middle-aged, with thick beards and quiet voices. Saeed felt nervous, but he trusted them for now.

In a quiet corner of the parking lot, Cassidy and Smith unloaded several 5-gallon buckets from their trunk. Saeed opened one and examined the contents: a pile of grey metallic material—polysilicon, a key component in semiconductors and solar panels. At the time, due to global shortages, polysilicon prices had skyrocketed to $64 per pound.

Saeed wasn’t just a buyer—he was a waste dealer who specialized in silicon materials. He bought scraps from chip manufacturers, broken solar panels, and even leftover polysilicon from production. He resold these materials to big merchants, often shipping them back to China for reuse. He was used to dealing with various people, many of whom were secretive about their sources.

The 882 pounds of polysilicon in the buckets looked good, but Saeed wasn’t ready to trust his eyes. He spent 30 minutes testing the material with a handheld resistivity tester, ensuring it was pure enough for solar panels. The results were promising.

After confirming the quality, Saeed handed over the cash and loaded the buckets into his truck, planning to deliver the goods by courier the next day. Before leaving, he asked if they could provide more at the same price. They promised to keep in touch.

Back at their cars, Cassidy and Smith split the money. This was their first real profit from selling polysilicon. For them, it was a huge opportunity, despite the risks.

Meanwhile, the Theodore Industrial Canal in Alabama was far from its name. Surrounded by factories and chemical plants, the canal’s waters were often greenish-brown, and the air smelled of ammonia. Nearby, Mitsubishi’s polysilicon plant stood out as one of the most advanced in the area. It produced high-purity polysilicon, essential for microchips and solar panels.

Mitsubishi’s process involved purifying metallurgical-grade silicon through a complex chemical reaction. After multiple distillations, ultra-pure silicon crystals were formed. This material, known as "8n" or "11n," was critical for the tech industry, especially for semiconductor manufacturing.

However, not all was perfect at the factory. Two employees, George Welford and Willie Richard Short, saw an opportunity. As the polysilicon market boomed, they began stealing small amounts of material, hiding it in lunch boxes and taking it home. Over time, they built a network to sell the stolen material online.

Wsai Ismail Syed, a newcomer to the trade, found himself in the middle of this illegal operation. Through online ads, he connected with “William Smith” and “Butch Cassidy,” who offered him large quantities of polysilicon. Saeed didn’t ask too many questions, focusing instead on making a profit.

As the market grew, so did the scale of the theft. Saeed became a regular buyer, and the thieves expanded their operations. They set up a company called Southeastern Two, packaging stolen material and selling it under false pretenses.

But the market eventually collapsed. By 2011, polysilicon prices dropped sharply, and the demand for the material fell. Saeed’s buyers became less interested, and the thieves faced financial pressure.

Eventually, the scheme unraveled. An investigation led to the arrest of the thieves, and Saeed was also implicated. He was charged with money laundering and faced potential prison time. Though he claimed ignorance, the court didn’t buy his story.

The case highlighted the dangers of the unregulated polysilicon trade. While some made fortunes, others ended up in jail. For the thieves, the consequences were severe, and they were forced to repay millions in damages. Their lives were forever changed by a single decision to steal.

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