Brokerage Firm With Alleged Mob Ties Raided in NYC

Written by :

Guest

Published on :

9 June, 2010

A New York City brokerage firm with alleged gambling ties was raided on Wednesday with a number of arrests made.

The FBI closed in on the "boiler room" brokerage firm they claim was associated with the Bonanno crime family and a family soldier Anthony Guarino.

Authorities said the brokerage would artificial inflate the value of a stock in a company with misleading sales pitches -- especially to elderly victims.

Steven Kimmel was the President of the so-called "boiler-room" scheme and the offices of his Powercom/Empire firm along West 36th Street were searched by the FBI Wednesday.

Investigators said the suspects solicited through phone calls more than $12 million from unsuspecting investors who thought they were purchasing shares of stock in Realcast and BBC Gaming companies.

But 40 percent of the investors' cash was paid straight to Powercom and was never invested in Realcast or BBC Gaming, officials said.

Crime

Gambling News

Feds: Hammond Indiana Area Alleged Gambling Ring Operator Sent Witnessess Death Threats From Church

James "Jimmy the Greek" Gerodemos took video of flaming memorial candles in the back of a church, candles to honor the dead, and then sent the video to degenerate gamblers who owed money to his bookies, according to court filings.

Connecticut Former Funeral Director Who Gambled Away Families' Funds Enters Guilty Plea

Phillip Pietras, 51, is expected to be sentenced to more than seven years behind bars.

Prosecutors Identify 18 Allegedly Rigged Pitches for Emmanuel Case Trial

Prosecutors Identify 18 Allegedly Rigged Pitches for Emmanuel Clase Trial

Federal prosecutors have identified 18 pitches, including one from a 2024 playoff game, that they allege involved sharing with bettors.

Prostitution, Bestiality and the FBI: Will Congress Act? There's a Bet for That..... But It's Not What You Think

FBI Director Kash Patel defended a hiring policy change Tuesday that allows some applicants who have engaged in prostitution and bestiality to be considered for employment, insisting that the move was made to enable victims of those acts to apply for a job without fear of automatic disqualification.