LOAN-SHARK RACKET (FROM CRIME SOCIETY - ORGANIZED CRIME AND CORRUPTION IN AMERICA, 1976, BY F A J IANNI AND E REUSS-IANNI - SEE NCJ-38622)

• NCJ Number: 38628
• Author(s): ANON
• Date Published: 1976
• Length: 27 pages
• Corporate Author: New American Library
• Publication Format: Document
• Publication Type: Report (Study/Research)
• Language: English
• Country: United States of America

Annotation

THIS NEW YORK STATE COMMISSION ON INVESTIGATION'S REPORT EXPLORES THE NATURE OF THE LOAN SHARKING RACKET, ITS CONNECTION TO ORGANIZED CRIME, AND PROBLEMS IN DEALING EFFECTIVELY WITH IT.

Abstract

DESCRIBED ARE THE ORGANIZATIONAL HIERARCHY THROUGH WHICH CAPITAL IS ALLOCATED TO AN INDIVIDUAL FOR LENDING, THE TERMS OF LOANS AND THE SANCTIONS WHICH ENFORCE THEIR REPAYMENT, AND THE TACTICS USED TO STEER POTENTIAL CUSTOMERS TO LOAN SHARKS. ACCORDING TO THE COMMISSION, LOAN SHARKING IS A LUCRATIVE ENTERPRISE FOR ORGANIZED CRIME SINCE IT PROVIDES AN EXTREMELY PROFITABLE MEANS FOR REINVESTING HUGE AMOUNTS OF CAPITAL. IT IS AN EXCELLENT CAMOUFLAGE FOR CONVERTING ILLEGALLY EARNED PROFITS INTO LEGITIMATE REVENUE, AND IT IS THE PRINCIPAL WAY IN WHICH ORGANIZED CRIME SUCCEEDS IN TAKING OVER LEGITIMATE BUSINESSES. CASE STUDIES ARE OFFERED TO ILLUSTRATE TYPICAL METHODS OF OPERATION IN LOAN SHARKING. (AUTHOR ABSTRACT)