Gambino Crime Family Soldier Sentenced to 28 Months’ Imprisonment for Loansharking Conspiracy

[CabriniGreen]

I think the more money you have, it makes more sense, especially if you cant put the money in a bank.
Also, the class of the borrower I think factors in as well...

You do make a point, a dramatic example being the recent Narducci case. I think Gravano in his book talked about the hassle of small time loans.....

But then you read about a Nino Gaggi, Demeo took over a whole credit union, then ruined it giving loans to street people.....

The story Franzese tells about shylocking at the flea market is a good example of loansharking done correctly. Steady clients, reliable and RELIANT on your providing access to short term financing.

I think it's about finding the right niche..... Bookies and gamblers gotta be the top customers from the street, I would think...

Maybe struggling restaurantuers and bar owners, are next, some drug dealers.... Big money guys probably lend to union connected stuff like construction companies or contractors....

[CabriniGreen]

Also, IveyLeague posted a FANTASTIC article on MCAs, merchant cash advances, at the moment I cant remember the thread.....

It might change your mind....

Also, lol you might want to read up on the Casamonica clan from Rome....Vicious loansharks....

[Wiseguy]

Something about usurious loans never seemed worth the risk to me. So in this case the guy was getting a little over 1 percent a week. But the initial investment is really high. You need almost two years of interest just to make sure it will cover the initial investment. And its illegal. So if it falls apart you lose all the money and you go to jail. Just never made sense.

Actually it’s one of their most lucrative rackets and will be a core racket until it’s last day.

They use it like an annuity , Even a relatively smaller $250K book at 1% ( usually the wholesale level) gets you $2,500 a week. This is basically what many of the guys ( especially blue collar) live off week to week .

Plus you are likely to end up w a business or 2 from one of your customers. Your average blue collar wise guy does some gambling , some book and some scores on the side to get his nut.

And this is where I get intrigued and try to understand it more. So say a small book has 250,000(and is that accurate? I honestly thought guys had lower ls banks in general). But its never 250 to one guy obviously(although that would be ideal) Isn't it a bunch of big and small and long term and short term loans that require a lot of work to get, and collect. And you have to make sure that money is out to make money. Just seems like a bad way to make money. A lot of work and GIGANTIC risk.

Keep in mind that many (probably most) loanshark customers are gamblers. Case in point, a bettor gets in debt to the mob bookie for, say, $10,000. The bets were on credit and he doesn't have the money to pay up. The debt gets turned into a "loan," even though no actual money has changed hands yet. The mob bookie allows the bettor to simply pay the interest on the loan. The interest may be 2% ($200). It may be 5% ($500). That's each week. The mob bookie/loanshark can "juice" the guy forever since that weekly interest never has to come off the principal. Even at 2% the debt has been recovered in a year and the gambler still owes the full $10,000. Of course, if the gambler can't even pay the weekly interest, it may be a case of trying to profit from him some other way, i.e a piece of a business or whatever. Yes, there are risks. Hence the extremely high interest rates. And the mob obviously has collecting methods that legit lenders don't have. In short, gambling is how they hook you. Loansharking is how they keep you.

Also, IveyLeague posted a FANTASTIC article on MCAs, merchant cash advances,

To quote Darth Vader, that name no longer has any meaning to me.

[CabriniGreen]

Something about usurious loans never seemed worth the risk to me. So in this case the guy was getting a little over 1 percent a week. But the initial investment is really high. You need almost two years of interest just to make sure it will cover the initial investment. And its illegal. So if it falls apart you lose all the money and you go to jail. Just never made sense.

Actually it’s one of their most lucrative rackets and will be a core racket until it’s last day.

They use it like an annuity , Even a relatively smaller $250K book at 1% ( usually the wholesale level) gets you $2,500 a week. This is basically what many of the guys ( especially blue collar) live off week to week .

Plus you are likely to end up w a business or 2 from one of your customers. Your average blue collar wise guy does some gambling , some book and some scores on the side to get his nut.

And this is where I get intrigued and try to understand it more. So say a small book has 250,000(and is that accurate? I honestly thought guys had lower ls banks in general). But its never 250 to one guy obviously(although that would be ideal) Isn't it a bunch of big and small and long term and short term loans that require a lot of work to get, and collect. And you have to make sure that money is out to make money. Just seems like a bad way to make money. A lot of work and GIGANTIC risk.

Keep in mind that many (probably most) loanshark customers are gamblers. Case in point, a bettor gets in debt to the mob bookie for, say, $10,000. The bets were on credit and he doesn't have the money to pay up. The debt gets turned into a "loan," even though no actual money has changed hands yet. The mob bookie allows the bettor to simply pay the interest on the loan. The interest may be 2% ($200). It may be 5% ($500). That's each week. The mob bookie/loanshark can "juice" the guy forever since that weekly interest never has to come off the principal. Even at 2% the debt has been recovered in a year and the gambler still owes the full $10,000. Of course, if the gambler can't even pay the weekly interest, it may be a case of trying to profit from him some other way, i.e a piece of a business or whatever. Yes, there are risks. Hence the extremely high interest rates. And the mob obviously has collecting methods that legit lenders don't have. In short, gambling is how they hook you. Loansharking is how they keep you.

Also, IveyLeague posted a FANTASTIC article on MCAs, merchant cash advances,

To quote Darth Vader, that name no longer has any meaning to me.

Lol, you know, I dont know why the fuck I posted Ivey, sorry about that my man.....

[JeremyTheJew]

https://www.google.ca/amp/s/www.nydaily ... utType=amp

Mannino’s Crew

interrsting no one has commented on this.
this would show that RECENTLY Maninno was a capo, not UB.

[TommyGambino]

https://www.google.ca/amp/s/www.nydaily ... utType=amp

Mannino’s Crew

interrsting no one has commented on this.
this would show that RECENTLY Maninno was a capo, not UB.

He's never been id'd as anything other then a captain tbh, just speculation

[JeremyTheJew]

https://www.google.ca/amp/s/www.nydaily ... utType=amp

Mannino’s Crew

interrsting no one has commented on this.
this would show that RECENTLY Maninno was a capo, not UB.

He's never been id'd as anything other then a captain tbh, just speculation

i am pretty sure that is what brought up by Italian LE bc Felice has commented on it.

[Camo]

Don't think it was Italian LE that said that. Correct me if i'm wrong but i think Felice said "someone who he can trust on this" or something along those lines which could mean LE but wasn't specifically said. Mannino is obviously one of the main candidates for an Admin spot but right now he hasn't been identified as anything other than a Captain like Tommy said.

[CabriniGreen]

The info felice posted previously on the Gambinos Sicilian faction came from Italian LE , and a lot of it from the Italian Iron Tower documents.....

[CabriniGreen]

You can find it with the search function, or just search felices post.....

[Stroccos]

although 9 years just for somewhat of a reference , Mannnio name comes up in 2010 discussion between two Colombo guys , the feds noted that Mannino was a solider in the Gambino family

[JeremyTheJew]

although 9 years just for somewhat of a reference , Mannnio name comes up in 2010 discussion between two Colombo guys , the feds noted that Mannino was a solider in the Gambino family

do uk what was said and discussed?? would likr to hear outside views

[Stroccos]

although 9 years just for somewhat of a reference , Mannnio name comes up in 2010 discussion between two Colombo guys , the feds noted that Mannino was a solider in the Gambino family

do uk what was said and discussed?? would likr to hear outside views

Notning really they just talked about how some associate was kissing mannio and joe lannis asses

[CabriniGreen]

I had assumed the Canadian business was drug related, This new Gangland confirms this?

[CabriniGreen]

Why was he on the sneak? Was he hiding the revenue, or the actual activities?

He bragged about making 7k a month in loans, he didnt need the money...?