Loan Shark Operation Take Down in New Rochelle

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McKiernans Tavern was an alleged payment drop-off

 

Ten people, most of whom live in New Rochelle, and connected to the Lucchese crime family are charged with running a large scale loan-sharking and gambling operation, according to New York State Attorney General Eric Schneiderman,

Investigators identified over 47 distinct loan-sharking victims, many with multiple loans, who were preyed on by the defendants, netting the operation over $1 million in interest payments. 

Weekly loan interest rates were said to average about 200% a year.

Loan-sharking victims were allegedly required to make weekly, high interest payments, either by directly paying individual defendants or by dropping off cash payments at two New Rochelle businesses: McKiernan’s Lawton Street Tavern and The Glass Room smoke shop.

Schneiderman said on-line gambling sites were used to funnel victims into their loan-sharking operation. Police say the activity was caught on surveillance tape.

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