Loan Shark Francisco Aletto Sentenced to 24 Months

MIAMI – A notorious loan shark, Francisco Aletto, Sr., has been sentenced to 24 months in prison for victimizing an undocumented worker with exorbitant interest rates.

A former resident of Palm Beach County, Aletto was found guilty of charging an annual interest rate of 180% on a $10,000 loan. The charges were announced by United States Attorney Wifredo A. Ferrer for the Southern District of Florida, FBI Special Agent in Charge George L. Piro, and Broward Sheriff’s Office Sheriff Scott Israel.

Evidence at trial revealed that in September 2009, Aletto, now 60, operated a pawn shop in Boca Raton. An undocumented worker came to pawn a gold chain for his gas station business. Instead of accepting the chain as collateral, Aletto loaned him $10,000 and imposed a weekly interest fee of $375, totaling an annual rate of 180%. After several payments, Aletto introduced the worker to friends who lent him an additional $30,000.

Within 13 months, the worker paid over $57,000 in interest and lost a 2004 Dodge Ram truck on a $3,000 pawn. When unable to pay, Aletto and his accomplices threatened the victim’s life. Thanks to information from a confidential source, the FBI intervened and prevented further harm.

Four of Aletto’s accomplices have pled guilty for their roles in making and collecting extortionate extensions of credit. United States Attorneys Mark Dispoto and William Shockley prosecuted the case.

This press release is available on the website of the United States Attorney’s Office for the Southern District of Florida at http://www.usdoj.gov/usao/fls. For related court documents and information, visit http://www.flsd.uscourts.gov or http://pacer.flsd.uscourts.gov.