Opinion ID: 419746
Heading Depth: 3
Heading Rank: 3

Heading: Riccobenes' Loan Business

Text: 13 The wire-tap transcripts contain several conversations between Harry Riccobene and others concerning the loansharking business that Harry Riccobene conducted out of the DeNittis Talent Agency. Bongiovanni proposed various loans and Harry Riccobene set the terms. The usual interest rates for these loans was 5% per week. In one conversation, the two men discussed a customer named Abbotts who had borrowed $1,000, paid back $800 and still owed $400. Bongiovanni then added that Abbotts was to pay $100 per week on his loan, which amounts to an interest rate of 20% every ten weeks, significantly higher than the current prime rate. This and other similar transactions formed the basis for the predicate offense of collection of unlawful debt that was charged against Harry Riccobene and Bongiovanni. 7 14 Intercepted conversations between Mario and Harry Riccobene indicated that these two men threatened their debtors with physical harm if loans were not repaid promptly. On October 17, 1977, the brothers discussed a loan they had made to someone named Richie, who had not been making his payments. Mario said I caught that Richie. I almost hit Richie across the f______ head, that's why he's starting to pay. I caught him in the john over there.... I put him in the corner. And I told him if you don't bring $100 a week, the next time I see you, there's no excuse. I'm gonna leave you on the street. These activities of Harry and Mario Riccobene in the fall of 1977 formed the basis for the predicate offense charged against them of collection of credit through extortionate means.