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Article: Wise guys on Wall Street?(New York Mafia members under investigation of involvement in securities fraud)(Brief Article)
- Article from:
- U.S. News & World Report
- Article date:
- December 8, 1997
- Author:
CopyrightCOPYRIGHT 1997 All rights reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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What are the latest names heard on the Street? "Rossi," "Curly," "Butch," and "Boobie." Federal prosecutors charged 19 people, including alleged members of New York's Bonanno and Genovese crime families (four of whose nicknames are mentioned above), last week with bilking investors in seven states out of $1.3 million in an alleged stock-manipulation swindle. The scheme centered on shares of HealthTech International, a Mesa, Ariz., health and fitness club company. James Kallstrom, head of the FBI's New York office, described the caper as "a classic pump-and-dump operation," in which brokers drive up the price of a stock using high-pressure sales tactics and then unload their ...
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