Economic Boom
AMERICAS economic boom may have nurtured a new breed of harmless and incompetent white-collar criminal but fresh accusations concerning Wall Street Mafiosi have reminded investors of the raw thuggery their money can also attract.
The US authorities have charged more than 100 people with crimes ranging from securities fraud to “solicitation of murder” in the biggest crackdown on stock fraudsters in history. What gave the dawn raids extra spice was the alleged involvement of all five families – Bonanno, Colombo, Gambino, Genovese and Luchese – that comprise La Cosa Nostra in New York.
The Mob allegedly gained control of DMN Capital, a Manhattan investment bank, which was then run as a “joint venture” to co-ordinate “crews” of crooked brokers at various shady firms across the region. Brokers were bribed with excessive commissions for pushing house stocks. Those that tried to renege on the agreement were beaten.
The defendants had a list of aliases that was almost as long as their charge sheet: “Little Robert”, “Frankie”, “Sebbie”, “Ralphie”, “Vinny” and “Sal”. They even allegedly bribed a retired NYPD detective with, among other things, a fur coat and money for a swimming pool. Their aim was to persuade a police pension fund to direct
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