John R. Peters, 50, of
East Peoria Police executed a search warrant at
During the investigation, it was discovered that the men had already sold approximately $485,000 worth of Caterpillar property online.
While further investigation is needed to determine the full amount of the theft, East Peoria Police believe it will exceed $1,000,000.
Peters and Wells are currently being held in the Tazewell County Jail on $500,000 bond.
This story will be updated.