Police Confirm Suspect Killed In Officer Shooting Was Penny-Pincher Bandit

LOS ANGELES (CBSLA)  --  The LAPD confirmed Friday that a robbery suspect killed Thursday afternoon in a shooting involving an officer in North Hollywood was the Penny-Pincher Bandit.

The bandit was given that moniker after it was revealed that he took pennies from the penny tray at a gas station in Canoga Park he robbed of $800 and a pack of cigarettes.

The man was killed after a police pursuit.

After store surveillance video was released to the media, several detectives from the North Hollywood division said they recognized the suspect.

They put a tail on him and the chase was on, authorities said.

The LAPD late Friday confirmed that they killed the suspect.

Police sources told KCAL9's Dave Lopez that police said he reached for something in his waistband. Lopez said police would not confirm if the penny-pincher had a gun or if one was recovered at the scene. They had no comment about the case, at this time, he reported.

A man who took cellphone video of the aftermath of the shooting, immediately following the shooting, said he did not see the suspect holding a weapon.

Sources also told Lopez the penny-pincher was wanted for "numerous" armed robberies in and around the San Fernando Valley.

Three hours after the penny-pincher was shot and killed, Burbank Police -- acting on a tip from the LAPD -- arrested a man named Michael Klaus.

Detectives said Klaus was responsible for four armed robberies around the Burbank area. Officials believe he and the penny-pincher might have been working together.

In fact, police believed the penny-pincher was on his way to meet up with Klaus before he was shot and killed.