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Seven Members Of Organized Crime FamiliesPlead Guilty To Racketeering And Extortion
Roslynn R. Mauskopf, United States Attorney for the Eastern District of New York, announced the guilty pleas of Colombo Family captain JOSEPH BAUDANZA, his brother, Colombo Family soldier CARMINE BAUDANZA, Colombo Family soldier CRAIG MARINO, Colombo Family associates CRAIG LESZCZAK, ROBERT PODLOG, and ARTHUR GUNNING, and Luchese Family soldier JOHN BAUDANZA, the nephew of JOSEPH BAUDANZA. The guilty pleas today of CARMINE BAUDANZA and JOHN BAUDANZA before United States Magistrate Judge Cheryl L. Pollak represent the sixth and seventh defendants to plead guilty in this district within the past week.
On March 23, 2006, an indictment was unsealed charging the defendants with wide-ranging criminal activity, including a racketeering conspiracy involving securities fraud, extortion, witness tampering, kidnaping, and money laundering. All but GUNNING, who pled guilty to extortion, have pleaded guilty to a Colombo family racketeering conspiracy that used extortion to make money from stock manipulation at several brokerage firms. When sentenced, each defendant faces a maximum term of imprisonment of 20 years' incarceration and a $250,000 fine. Read more at newyork.fbi.gov.
Transfer Trades: Entries made upon the books of Futures Commission Merchants
Transfer Trades: Entries made upon the books of Futures Commission Merchants for the purpose of: (1) transferring existing trades from one account to another within the same firm where no change in ownership is involved; (2) transferring existing trades from the books of one FCM to the books of another FCM where no change in ownership is involved. Also called Ex-Pit Transactions.
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Definition:
As used on a trading account statement, refers to the residual dollar value of a futures or option trading account, assuming it was liquidated at current prices.
Bear Spread
Definition:
(1) A strategy involving the simultaneous purchase and sale of options of the same class and expiration date, but different strike prices. In a bear spread, the option that is purchased has a lower delta than the option that is bought. For example, in a call bear spread, the purchased option has a higher exercise price than the option that is sold. Also called Bear Vertical Spread. (2) The simultaneous purchase and sale of two futures contracts in the same or related commodities with the intention of profiting from a decline in prices but at the same time limiting the potential loss if this expectation does not materialize.
Artificial Price
Definition:
A futures price that has been affected by a manipulation and is thus higher or lower than it would have been if it reflected the forces of supply and demand.
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