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The mob: from 42nd Street to Wall Street

The mob: from 42nd Street to Wall Street 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Crime Emerald Publishing

The mob: from 42nd Street to Wall Street

Journal of Financial Crime , Volume 11 (4): 17 – Oct 1, 2004

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Publisher
Emerald Publishing
Copyright
Copyright © 2004 Emerald Group Publishing Limited. All rights reserved.
ISSN
1359-0790
DOI
10.1108/13590790410809275
Publisher site
See Article on Publisher Site

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.

Journal

Journal of Financial CrimeEmerald Publishing

Published: Oct 1, 2004

Keywords: United States of America; Crime; Organizations; Stock markets

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