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Loan Shark Sentenced to 24 Months in Prison
A former Palm Beach County resident, Francisco Aletto Sr., 60, was sentenced to serve 24 months in prison for charging an undocumented worker an annual interest rate of 180% on a $10,000.00 loan.
The evidence at trial revealed that in September 2009, Aletto worked at a pawn shop in Boca Raton, Florida. An undocumented worker entered the pawn shop to pawn a gold chain for his gas station business located nearby. Instead of accepting the chain as collateral, Aletto loaned the worker $10,000 and charged him $375 interest per week (180% annually).
After the worker made several weekly payments, Aletto introduced him to several of Aletto’s friends who subsequently loaned the victim an additional $30,000. After 13 months, the victim paid over $57,000 in interest and lost to Aletto a 2004 Dodge Ram truck on a $3,000 pawn. When the victim was unable to continue to pay the mounting debt, Aletto and his friends threatened to kill him.
Based on information received from a confidential source, the FBI located the victim and prevented him from being harmed. Four of Aletto’s accomplices have pled guilty and also have been sentenced for their roles in making and collecting extortionate extensions of credit.
U.S. Attorney Wifredo A. Ferrer commended the investigative efforts of FBI’s Organized Crime Task Force and the Broward Sheriff’s Office. This case was prosecuted by Assistant U.S. Attorneys Mark Dispoto and William Shockley.
The sentence was handed down in connection with a scheme to make and collect extortionate extensions of credit, which is a felony offense. Aletto was also ordered to pay restitution to his victim.
RELATED: Credit Union Thief Gets 8 Months
RELATED: Loan Shark Lands 5.5 Years in Federal Lockup
Key Facts
- State: Florida
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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