The suspect was given that name after being caught on camera robbing a Woodland Hills gas station on Saturday and making off with $800 and some pennies from a take-a-penny, leave-a-penny tray.
RELATED: Video shows 'Penny-Pincher Bandit' robbing Woodland Hills gas station at gunpoint
Undercover LAPD detectives were investigating the case when they encountered the suspect near Kittridge Street and Radford Avenue Thursday afternoon. There was a short pursuit, followed by officers opening fire in an industrial neighborhood on Vose Street. Witnesses described several volleys that sounded like fireworks.
It was unclear what prompted the shooting or how many officers fired at the suspect. He was taken to a hospital, where he was pronounced dead.
On Friday, the LAPD confirmed that it was indeed the same man wanted in the "Penny-Pincher Bandit" case.
The identity of the "Penny-Pincher Bandit" has not been released.