extortion

[slimshady_007]

Has anyone hear ever fell into debt to the mob? If so, plz tell. Like u owed money to a loanshark or somethin around that.

[Stroccos]

Has anyone hear ever fell into debt to the mob? If so, plz tell. Like u owed money to a loanshark or somethin around that.

More then a handful of times I borrowed at 6-5 , Itsnt really much to it , I needed money borrowed it and repaid it .

[slimshady_007]

Has anyone hear ever fell into debt to the mob? If so, plz tell. Like u owed money to a loanshark or somethin around that.

More then a handful of times I borrowed at 6-5 , Itsnt really much to it , I needed money borrowed it and repaid it .

Loansharking always confuses me. It’s when a gambler in need of cash borows money right?

[Pogo The Clown]

Doesn't have to be a gambler. Can be anybody who borrows money (though it is often those who have gambling debts that borrow money).


Pogo

[slimshady_007]

Doesn't have to be a gambler. Can be anybody who borrows money (though it is often those who have gambling debts that borrow money).


Pogo

Well it certainly is profitable. Ronnie G in the bonannos made big bucks with his loansharking operations.

[MichaelGiovanni]

Borrowing and owing money is not extortion. They are 2 different things.

[slimshady_007]

Borrowing and owing money is not extortion. They are 2 different things.

Well when u dont pay it back in time is when the extortion begins

[Wiseguy]

Borrowing and owing money is not extortion. They are 2 different things.

Well when u dont pay it back in time is when the extortion begins

Correct. It's why you see "extortionate extension of credit" and "extortionate collection of credit" in indictments.

[Confederate]

Doesn't have to be a gambler. Can be anybody who borrows money (though it is often those who have gambling debts that borrow money).


Pogo

Well it certainly is profitable. Ronnie G in the bonannos made big bucks with his loansharking operations.

Not nearly as profitable as it used to be especially with the smaller families outside of New York. For example, in Chicago, there have been very few cases of Loan Sharking in the last 15 years and the few they had were guys that owed money who simply ran to the Feds and got wired. The fear factor of not paying has diminished to a large degree. In researching Chicago, we found that when a gambler gets behind they usually just cut him off from betting and circulate his name so he cannot bet with them anymore. When guys like Frank Calabrese Jr. are walking around Chicago signing autographs at Book stores, the fear factor becomes much less in not repaying a juice loan and the Outfit guys are more scared to loan out money for fear the guy will run to the Feds the minute they would start to lean on him.

[Wiseguy]

Doesn't have to be a gambler. Can be anybody who borrows money (though it is often those who have gambling debts that borrow money).


Pogo

Well it certainly is profitable. Ronnie G in the bonannos made big bucks with his loansharking operations.

Not nearly as profitable as it used to be especially with the smaller families outside of New York. For example, in Chicago, there have been very few cases of Loan Sharking in the last 15 years and the few they had were guys that owed money who simply ran to the Feds and got wired. The fear factor of not paying has diminished to a large degree. In researching Chicago, we found that when a gambler gets behind they usually just cut him off from betting and circulate his name so he cannot bet with them anymore. When guys like Frank Calabrese Jr. are walking around Chicago signing autographs at Book stores, the fear factor becomes much less in not repaying a juice loan and the Outfit guys are more scared to loan out money for fear the guy will run to the Feds the minute they would start to lean on him.

I've wondered if the customer base for mob loansharks has narrowed over the years with credit cards, payday lenders, etc. I would expect the majority of their borrowers are gamblers.

Looking at the number of loanshark cases from 2000 to the present, in New York there has continued to be a lot. But for the New Jersey family I count 4 cases. For New England I count 7 cases. Philadelphia has also had 7 cases. Chicago has had only 2.

[Snakes]

Chicago was cutting down on juice loans as early as the 1990s.

[SonnyBlackstein]

Loans involving OJ Simpson??

[HairyKnuckles]

Cash is used less frequently today over here so the whole racket is dying out. In Sweden, a lot of people are using the Swish system because the banks are no longer wiling to deal with Cash. With the Swish system (transferring money electonically by using mobile phones) everything is traceable.

[Stroccos]

Has anyone hear ever fell into debt to the mob? If so, plz tell. Like u owed money to a loanshark or somethin around that.

More then a handful of times I borrowed at 6-5 , Itsnt really much to it , I needed money borrowed it and repaid it .

Loansharking always confuses me. It’s when a gambler in need of cash borows money right?

you use a loan shark when your desperate for money could be as simple as getting your car fixed . basically legit banks and corporations have taken over the industry,
there used to be loan sharks in every neighborhood , just like there are pay day lenders all over .
I would say drug dealers and gamblers would be the sharks customers nowadays for the most part,
The loan sharks don't even hang out at the race track or around it no more at least here in Ohio

[Confederate]

Loans involving OJ Simpson??

Yeh, I think he "borrowed" a knife and some gloves one time.