Born to steal : a life inside the Wall Street Mafia
(Book)

Weiss, a business journalist, tells the fascinating story of Louis Pasciuto, a man "born to steal," who grew up in the Wall Street Mafia, was caught by law enforcement at age 25, and then turned against his former accomplices. With engrossing detail, we learn about the degraded life of Pasciuto as he moved from a gas station attendant to a Wall Street stockbroker in 1992. With lies and schemes that bilked naive investors of untold sums, he worked for chop shops (which looked like brokerages and were registered but sold usually worthless stocks) and bucket shops (which pretended to sell stocks), and in turn was bullied by gangsters who wanted their share. This description of the Mafia's infiltration of Wall Street is a tale of thievery in the 1990s on a scale never before seen. When caught by federal agents, he joined their efforts against the "Guys" in exchange for the government's Witness Protection Program. This story clearly illustrates that truth is better than fiction. --Mary Whaley

Louis Pasciuto, the subject of this book, actually seems to have been "born to steal." As a kid, he stole from his mother's purse. In his teens, he forged credit card slips; in his 20s, he sold fake stock to investors. He sold phony shares of Goldman Sachs, and faked statements showing stocks of "Goldman Sacks." What money he made from his frauds went to drugs, prostitutes and gambling. This led him to borrow from Charlie Ricottone, a loan shark who was supposedly in the Mafia. When Pasciuto missed payments, he'd find his car tires deflated or his doorbell stolen (it was "more Fast Times at Ridgemont High than The Godfather," says Weiss). One associate smashed his car into Pasciuto's garage. When Pasciuto complained to the police, naturally they asked him, "Do you owe anybody money?" But when Pasciuto was indicted for fraud, he escaped prison by testifying against Ricottone, who was sentenced to four years for racketeering. Weiss covered Pasciuto's story for Business Week in the 1990s, and he is almost fond of the man and his cohorts. Like Nicholas Pileggi's Wiseguy, this book realistically portrays the day-to-day lives of criminals. Unfortunately, neither the writing nor the characters are as compelling, and the account is glamorized and lacks substance. It may be of interest to those who study the sociology of small-time crime, but general readers will likely find it a tedious story of two not-so-nice (nor too smart) guys making messes of their lives. Agent, Mort Janklow. (May 14) Forecast: The publisher compares Weiss's book to The Sopranos and Bonfire of the Vanities. It could appeal to fans of those productions, but serious business readers won't be interested. Warner Bros. has the film rights; Mark Wahlberg will star. (c) Copyright PWxyz, LLC. All rights reserved

Before the masters of Enron and WorldCom ripped off innocent investors, there were the connected "Guys" in bucket shops and chophouses. Here, Business Week reporter Weiss follows the adventures of one hustler on the shady side of Wall Street. Louis Pasciuto, a Staten Island boy, pulled down thousands a day in cash, tax free, by lying to rich people. Without a broker's license, he easily dumped securities of scant value at invented high prices. (He got the license later--by hiring a ringer to take the exam.) The money flowed abundantly, and Louis couldn't spend it fast enough. Limos at the ready, women even readier, fine raiment, and many Rolex watches (not the common Oysters, but top-of-the line Presidentials) couldn't exhaust the torrent of dollars; Beemers, strip joints, and drugs couldn't use up the take from naïve marks. Louis's fanciful free enterprise was below the regulators' radar. But his disorganized crime did not escape the notice of organized crime. The made Guys, the family capos, and the underboss skippers moved in, and soon Louis was under the arm of Charlie, one dangerous Guy. Charlie owned Louis, who had learned how to spend his money. He gambled and lost, big time. In the psychotic world of payoffs in paper bags and regular beatings administered by Guys like Charlie, what was a husband, father, and debt-ridden crook to do? Louis went to the Feds. The refugee from the underclass went undercover and wore a wire. With the mounting heat from a government now attentive to racketeering, with more media scrutiny and a nasty bear market, a lot of Guys sported prison stripes instead of pinstripes, and the game was pretty much over. Who knows what scam is next? Inevitable allusions to The Sopranos aren't necessary. The cautionary saga of gangsters on Wall Street, told with insight and great wit, grips as tightly as a loan shark. Copyright ©Kirkus Reviews, used with permission.

Weiss, a business journalist, tells the fascinating story of Louis Pasciuto, a man "born to steal," who grew up in the Wall Street Mafia, was caught by law enforcement at age 25, and then turned against his former accomplices. With engrossing detail, we learn about the degraded life of Pasciuto as he moved from a gas station attendant to a Wall Street stockbroker in 1992. With lies and schemes that bilked naive investors of untold sums, he worked for chop shops (which looked like brokerages and were registered but sold usually worthless stocks) and bucket shops (which pretended to sell stocks), and in turn was bullied by gangsters who wanted their share. This description of the Mafia's infiltration of Wall Street is a tale of thievery in the 1990s on a scale never before seen. When caught by federal agents, he joined their efforts against the "Guys" in exchange for the government's Witness Protection Program. This story clearly illustrates that truth is better than fiction. ((Reviewed April 1, 2003)) Copyright 2003 Booklist Reviews

Louis Pasciuto, the subject of this book, actually seems to have been "born to steal." As a kid, he stole from his mother's purse. In his teens, he forged credit card slips; in his 20s, he sold fake stock to investors. He sold phony shares of Goldman Sachs, and faked statements showing stocks of "Goldman Sacks." What money he made from his frauds went to drugs, prostitutes and gambling. This led him to borrow from Charlie Ricottone, a loan shark who was supposedly in the Mafia. When Pasciuto missed payments, he'd find his car tires deflated or his doorbell stolen (it was "more Fast Times at Ridgemont High than The Godfather," says Weiss). One associate smashed his car into Pasciuto's garage. When Pasciuto complained to the police, naturally they asked him, "Do you owe anybody money?" But when Pasciuto was indicted for fraud, he escaped prison by testifying against Ricottone, who was sentenced to four years for racketeering. Weiss covered Pasciuto's story for Business Week in the 1990s, and he is almost fond of the man and his cohorts. Like Nicholas Pileggi's Wiseguy, this book realistically portrays the day-to-day lives of criminals. Unfortunately, neither the writing nor the characters are as compelling, and the account is glamorized and lacks substance. It may be of interest to those who study the sociology of small-time crime, but general readers will likely find it a tedious story of two not-so-nice (nor too smart) guys making messes of their lives. Agent, Mort Janklow. (May 14) Forecast: The publisher compares Weiss's book to The Sopranos and Bonfire of the Vanities. It could appeal to fans of those productions, but serious business readers won't be interested. Warner Bros. has the film rights; Mark Wahlberg will star. Copyright 2003 Reed Business Information.