Opinion ID: 537726
Heading Depth: 2
Heading Rank: 2

Heading: Extortionate Credit Transactions

Text: 9 In addition to their gambling activities, certain of the defendants also were involved in extortionate credit transactions. In particular, defendants Gennaro, Donato, Francesco, and co-conspirator Zannino engaged in various loansharking operations. One such operation involved extortionate loans to Donald Smoot, a regular player in the North Margin Street poker games. In early 1981, Smoot owed $14,000 to Zannino and paid interest (or vig) at the rate of one percent per week on this debt. During this same time period, Smoot owed money to Donato as well and paid him vig of 2 1/2% per week. Intercepted conversations revealed that the amount of Smoot's debt to Donato was also $14,000, and that Gennaro and Francesco had an interest in the loan. 10 A separate transaction involved a $200,000 loan to Joseph Palladino, who was the principal in the Palladino Real Estate Trust, which owned property on Canal Street in Boston. Palladino paid interest of one percent per week on this debt. The debt eventually was cancelled after a series of real estate transactions through which Palladino's Canal Street property was transferred first to the Angiulos' sister and then from the sister to the Angiulos, doing business as Huntington Realty Trust Company.