CHARLES (RUBY) STEIN - a “Loan Shark’s Loan Shark”

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CHARLES (RUBY) STEIN - born 1915 in NYC. Described by both local and federal LE as the biggest shylock in NYC.
A “Loan Shark’s Loan Shark” extraordinaire. Arguably the single biggest shylock during the 1950-1970’s era, at one point reputed to have over $5,000,000. “on the street” on
any given day. May have been a semi-professional boxer in his youth. Stein started out as an independent until the early 1950’s when approached by Nicholas (Jiggs) Forlano,
a soldier and later a Capo in the what was then the Profaci Family of Brooklyn. They became partners, as no independent could operate at such a high level without mob connections. “Ruby and Jiggs” as they became known, handled mob funds generated not only by the Profaci Family but several other families who contributed to their “bankroll”. Stein also utilized money invested by otherwise legitimate business people as a source of funds.
Ruby lived for many years in the Jackson Heights, Queens area. Forlano lived in neighboring Astoria, Queens. The dynamic duo also were very heavily engaged in gambling operations, controlling several large-scale bookmaking combines (horses and sports). Stein was said to have a near mathematical memory, able to retain all numbers, figures and related interest, outstanding balances, etc., in his head. This eliminated the need for usury and gambling records, helping him to avoid prosecution. During the 1960’s they also operated a race-wire service through several Jewish associates. Charging area bookmakers a weekly fee for this service. With the advent of tensions and the ensuing violence during the “Gallo-Profaci war”, Forlano became a central figure and interim leader of the breakaway Gallo faction. Several attempts were made by the Profaci’s to win Forlano and ultimately Stein back into the family fold. (and the millions they controlled). Once Forlano went back into the family, he and Stein became major murder targets by the Gallo’s. Several murder attempts were made against Forlano, shooting at him near his Astoria home. The Gallo gang also attempted to kidnap Stein off a Manhattan street corner, and only Stein’s screaming, punching and kicking at his assailants prevented his kidnap/murder. Stein, Forlano and 14 others were arrested at the White Turkey Restaurant on 57th Street and 2nd Ave., in 1961 on consorting charges, breaking up what authorities at the time referred to as a “mob powwow” of top gamblers across the city. Stein also served a term on an income-tax evasion conviction related to his gambling profits in 1954.
By all accounts Ruby and Jiggs were riding high during this period, Ruby considered the “brains”, Jiggs the “muscle” in their partnership. But Jiggs was a bad, degenerate gambler, spending large sums of money at area racetracks and on betting himself with other bookmaking offices. Always in need of money, Forlano eventually turned on his partner Ruby. In the late 1960’s-early 70’s period, Stein was once again indicted for tax evasion. He was convicted and sent to federal prison. During this period Forlano was supposed to oversee their operation and bankroll. But by this time, Ruby’s relationship with Jiggs had taken a turn for the worst. Ruby no longer fully trusted his long time partner....and for good reason. Jiggs had approached his boss Joe Colombo and they schemed to burglarize and/or otherwise “set up” Ruby to rob a suitcase said to house a huge cash reserve of money Ruby owned. Subsequently Ruby got wind of this scheme, took proper precautions to safeguard his funds, and intimately broke up the partnership. In the following years Ruby would affilate himself with Fat Tony Salerno and the Genovese mob. He allegedly partnered with Carmine (Little Eli) Zeccardi, a Genovese power. Despite this transfer to the powerful Genovese mob, Ruby Stein also befriended an Irish mob figure by the name of Jimmy Coonan, alleged boss of the westside gang known as “The Westies”. Stein utilized Coonan as a young protege, loaning him money to run his own loan shark business and using him on collections. But Stein miscalculated this time....badly! Rather than pay the shy money due Stein, Coonan chose instead to shoot him in the head one afternoon and thereafter “behead” him, severing Ruby’s head from his torso. Several weeks later Steins remains washed up on Jamaica Bay. This was 1977, Stein was 62 years of age........ THE END! So much for the saga that was “Ruby and Jiggs”.

Note: Jiggs Forlano relocated by the mid-60’s to south Florida. He had a massive heart attack and died one afternoon doing what he enjoyed doing best. He was felled at the local racetrack! He was also in his early 60’s.

[Philly d]

Awesome!