Investigators busted the Staten Island sports betting operation that took in $22.7 million in illegal wagers from more than 70 bettors from Sept. 2022 to March 2023.
Organized crime and gambling have gone hand-in-hand for generations, even in a state with legal sportsbooks. According to the indictment, the charges included first and second-degree criminal usury, and first-degree promoting gambling as well as enterprise corruption.The gambling rink’s operators used an illegal, offshore sportsbook to place the bets. When clients got deep into debt, the bookmakers would offer exorbitant loans to pay off the gambling debts, state officials said.
“Illegal gambling and loansharking schemes are some of the oldest rackets in the mob’s playbook,” New York Attorney General Letitia James said in a statement. “While organized crime may still be active in New York, today we are putting several Gambino family members out of business. These criminal enterprises took tens of millions of dollars from New Yorkers and trapped many in dangerous amounts of debt.
Edward LaForte managed the gambling operation and took part in the loansharking with former NYPD member Frederick Falcone, Sr. Investigators used authorized video surveillance, wiretaps, bugs, search warrants on residences, and search warrants on offshore sports betting sites to build the case against the mob-backed operators.
Four individuals involved in the illegal sports betting operations were also indicted for a separate illegal mortgage fraud scheme. Illegal gambling runs rampant in the U.S., despite legal sports betting operating in 38 states.” in illicit operations. The group commissioned a report that found that $9.5 billion of illegal gaming revenue came from New York, New Jersey, and Minnesota alone. Only the North Star State is unregulated.
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