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

[givememysocks]

https://www.justice.gov/usao-edny/pr/ga ... conspiracy


FOR IMMEDIATE RELEASE
Friday, March 22, 2019
Gambino Crime Family Soldier Sentenced to 28 Months’ Imprisonment for Loansharking Conspiracy
Defendant Called Extortionate Collection of Loan to Victim “A Beautiful Thing”

Paul Semplice, a member of the Gambino organized crime family, was sentenced today to 28 months in prison by United States District Judge Pamela K. Chen at the federal court in Brooklyn for conducting a loansharking scheme in which he extended extortionate loans with annual interest rates up to 54 percent.

Richard P. Donoghue, United States Attorney for the Eastern District of New York, announced the sentence.

“Semplice targeted victims desperate for loans and used his status as a Mafia soldier to make sure they paid the exorbitant interest rate,” stated United States Attorney Donoghue. “With today’s sentence, the defendant will pay for his crimes in prison.” Mr. Donoghue thanked the Federal Bureau of Investigation and the New York City Police Department for their investigative work on this case.

Semplice, a long-time made member of the Gambino crime family, engaged in a conspiracy with others to make extortionate extensions of credit to multiple victims. During one recorded conversation with a cooperating witness (CW), Semplice boasted that he had a “very special relationship,” “like brothers,” with a captain in the family and “answer[ed] to nobody but him.” In another recorded conversation with the CW, Semplice explained that in connection with a $200,000 loan to victim John Doe #1, he collected $9,000 interest per month, or 54 percent, and personally kept $8,000. Semplice called the arrangement “a beautiful thing.”

On November 18, 2016, during a lawfully intercepted conversation, Semplice talked about abusing victim John Doe #2. “I started abusing him, right. He was in his forties…. Once I – I had to smack him. I go, ‘What?’ Bang! I go, ‘I’ll smack you again.’ He goes, ‘Why?’ ‘Cause I shouldn’t have to come see you.’ ”

The government’s case is being handled by the Office’s Organized Crime & Gangs Section. Assistant United States Attorneys Tanya Hajjar and Drew G. Rolle are in charge of the prosecution.

The Defendant:

PAUL SEMPLICE
Age: 55
Brooklyn, New York

E.D.N.Y. Docket No. 17-CR-612 (PKC)

[JeremyTheJew]

Paul Siemplace was part of the "zips" and was involved in toronto(?) if IRC??

[B.]

Semplice's family is from Porto Empedocle in Agrigento. He also traveled to Italy not long before the indictment came down.

He was the one, too, who was said to have introduced Morena (the informant) to a "boss and underboss" from Italy connected to the Gambino family.

[CabriniGreen]

Semplice's family is from Porto Empedocle in Agrigento. He also traveled to Italy not long before the indictment came down.

He was the one, too, who was said to have introduced Morena (the informant) to a "boss and underboss" from Italy connected to the Gambino family.

THATS the part I find HIGHLY intriguing.....

Anyone got any ideas? Ursinos? Felice casually dropped a quiet bombshell, that Cali had Calabrian relatives...

[CabriniGreen]

Also, what do you guys think the Toronto business is about? If not Narcotics.....

[SILENT PARTNERZ]

drugs for sure.
The food export/import companies
these guys own, or have access to,
are used to help facilitate trafficking.

[Adam]

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.

[Sittite]

You could make 200grand work for you in much smarter ways than on the street-May take a lol off the top to make sure it’s cleaned but still..... guess it’s just the desire to stay street

[Fughedaboutit]

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.

Most guys are getting more than 1 point

[Frank]

If he wasn't granted bail, he will be out soon.

[bert]

Loaning money at higher rates than banks or financial institutions has gone on forever all over the globe. People seek out shylocks, not the other way around. If it's a crime the borrower is as guilty as the lender.

[TommyNoto]

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.

[SonnyBlackstein]

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

Mannino’s Crew

[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.

^ This

[Adam]

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.