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The mob: from 42nd Street to Wall Street

P. Kevin Carwile (Deputy Chief, Organised Crime and Racketeering Section, US Department of Justice)
Valerie Hollis (American University, Washington College of Law)

Journal of Financial Crime

ISSN: 1359-0790

Article publication date: 1 October 2004

Abstract

Focuses on the infiltration of the US stock market by organised crime in the shape of La Cosa Nostra (LCN). Defines what organised crime is and goes on to the history of Cosa Nostra, its reasons for tackling Wall Street and how it does this, analysing two specific cases of infiltration: Mob Stocks and Operation Uptick. Describes the various sectors of the securities market involved: the over‐the‐counter market, penny stocks, and chop stocks. Shows how LCN has invaded securities schemes, including trading scams and brokerage scams; its techniques include protection rackets, hidden ownership, and “pump and dump” schemes, but violence remains as the last resort. Assesses the scope of the corruption and whether organised crime is really a threat to the stock market.

Keywords

Citation

Kevin Carwile, P. and Hollis, V. (2004), "The mob: from 42nd Street to Wall Street", Journal of Financial Crime, Vol. 11 No. 4, pp. 325-341. https://doi.org/10.1108/13590790410809275

Publisher

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Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited