Sunday Morning Puzzle #54 -- "Criminal Code"

The police received a tip that two wanted criminals have been communicating in code through an internet chat room popular with ex-cons. Harry “the Mole” Jenkins and Slick Louis Simms are believed to be the conversers in this internet exchange uncovered by the cops. However, the police specialists have been unable to break the code, so they have turned to you.

Can you decipher the dialogue, discover the plot, and help the police locate Harry and Slick?

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Text taken from Friday night chat at exslammermates.com:

Moleman1: LEZI BRX VHW WR WKH NZDRYVNWC IRU RXU ZWLJPHS WYVQLJA?

2Slick4U: BHV, WKH XZQVBQVO UWJXX KU WJFID. J AMPP LEZI YZGIQY QH NZFYEPCQPTE RQH OBUKYLK JURRGX GNQQX WSSR.

Moleman1: NGLNUUNWC! YG AMPP KQTTI WKH GMXC AMXL UMTSD RTSJD. ALIR YNUARJ YG QIIX?

2Slick4U: GSQI VQ WKH WRS QH WKH GKCRSXQDYX UWVCUMVB SUTJGE LCLUPUN CV XJAJS.

Gangstawannabe: VDB, FQ BRX KYCW RIIH HUVAOLY WHYAULY?

Peregrine:

J SJAJW AOVBNOA CSY’H XYVR VQ B PMJI QH HWNRJ!

[sub]Shhhh! You’ll blow my cover! [/sub]