You can try to press charges, but I doubt the police will even take a report on this case. They will most likely tell ou that it is a civil matter and you should address it in small claims court. That does not mean you are out of luck, though. You still have the option of filing suit against him in small claims court.
Small claims court handles cases up to $5,000.00. As far as not reporting the items as stolen, It's my guess that he asked you not to do that because he pawned the items. If you reported the items stolen and he pawned them, then your "friend" could face felony charges for dealing in stolen property and defrauding a pawn broker (to name a couple).
Your best bet is to contact an attorney to send a demand letter and then prepare a small claims action.
Answered on Aug 16th, 2016 at 2:45 PM