An Adams County company that loans money to pawn shops is bankrupt and being run by a receiver after its own lender accused it of defaulting on $11 million in loans.

Pawnbroker Financing of Westminster was founded in 2012 by Christopher Smith, a banker.

“Financing options for the pawnbroker industry have typically been limited and very restrictive,” he said at the time. “Pawnbroker Financing allows pawn shop owners to obtain the working capital they need in a timely manner without the restrictions (and) complications.”

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