Philip Abramo
Encyclopedia
Philip Abramo also known as "The King Of Wall Street", "Lou Metzer" is a caporegime in the New Jersey
DeCavalcante crime family
who was allegedly involved in security fraud and murder. Abramo was a capo of the DeCavalcante family's crew in Miami, Florida
.
in the Bronx. One of the few Cosa Nostra mobsters to attend college, Abramo graduated from Pace University
with a degree in accounting. In 1971, Abramo was convicted of possessing stolen property. In 1973, Abramo was convicted of conspiracy to distribute heroin and sentenced to seven years in federal prison.
, or full member, of the family. He became involved in extortion
, loansharking, and microcap stock fraud
schemes. Abramo was the hidden control person behind Sovereign, a prominent microcap stock company and its sister trading firm, Falcon Trading. Abramo also controlled two penny stock firms
, Toluca Pacific Securities and Greenway Capital. Abramo allegedly controlled other small-cap stock dealers through brokers and traders owing allegiance to him.
newspapers. The murder was a favor to Gambino crime family
boss John Gotti
who feared that Weiss was cooperating with the Federal Bureau of Investigation
(FBI) on a waste company investigation. In 1991, Abramo allegedly participated in the killing of John D'Amato
, a man whom Gotti wanted to install as boss of the DeCavalcante family in 1990.
As Abramo's status rose in the DeCavalcante family, he frequently served as a liaison between the DeCavalcantes and the five crime families
of New York. The FBI identified him as a frequent visitor to Gotti prior to his imprisonment in 1992. Abramo is also the brother-in-law of Alan Longo
, a member of the Genovese crime family
.
. During his trial, Abramo made the following statement:
On July 4, 2003, Abramo was convicted of five murders, including those of D'Amato and Weiss, as well as racketeering and loan sharking charges and sentenced to life in prison.
In September 2008, a federal appeals court reversed Abramo's racketeering conviction and ordered a new trial. As of May 2010, Abramo is being held at the Metropolitan Detention Center
(MDC) in Brooklyn
, possibly awaiting retrial. His projected release date is January 21, 2018.
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
DeCavalcante crime family
DeCavalcante crime family
The DeCavalcante crime family is an organized crime family that controls organized crime activities in Elizabeth, New Jersey and surrounding areas in the state, despite operating on the other side of the Hudson River in New York, within the nationwide criminal phenomenon known as the American Mafia...
who was allegedly involved in security fraud and murder. Abramo was a capo of the DeCavalcante family's crew in Miami, Florida
Miami, Florida
Miami is a city located on the Atlantic coast in southeastern Florida and the county seat of Miami-Dade County, the most populous county in Florida and the eighth-most populous county in the United States with a population of 2,500,625...
.
Early years
Born in New York, Abramo graduated from Cardinal Hayes High SchoolCardinal Hayes High School
Cardinal Hayes High School is a Catholic high school for boys in the Bronx, New York City. The school serves the Roman Catholic Archdiocese of New York. It is a member of the CHSAA.- History :...
in the Bronx. One of the few Cosa Nostra mobsters to attend college, Abramo graduated from Pace University
Pace University
Pace University is an American private, co-educational, and comprehensive multi-campus university in the New York metropolitan area with campuses in New York City and Westchester County, New York.-Programs:...
with a degree in accounting. In 1971, Abramo was convicted of possessing stolen property. In 1973, Abramo was convicted of conspiracy to distribute heroin and sentenced to seven years in federal prison.
White collar crime
At some point, Abramo joined the DeCavalcante family and eventually became a made manMade man
A made man, also known as a Mafioso , made guy, man of honor, or uomo d'onore , is someone who has been officially inducted into the Sicilian or American Mafia . They may also be referred to by some as a goodfella or wiseguy...
, or full member, of the family. He became involved in extortion
Extortion
Extortion is a criminal offence which occurs when a person unlawfully obtains either money, property or services from a person, entity, or institution, through coercion. Refraining from doing harm is sometimes euphemistically called protection. Extortion is commonly practiced by organized crime...
, loansharking, and microcap stock fraud
Microcap stock fraud
Microcap stock fraud is a form of securities fraud involving stocks of "microcap" companies, generally defined in the United States as those with a market capitalization of under $250 million. Its prevalence has been estimated to run into the billions of dollars a year...
schemes. Abramo was the hidden control person behind Sovereign, a prominent microcap stock company and its sister trading firm, Falcon Trading. Abramo also controlled two penny stock firms
Penny stock
In the United States, penny stocks are common shares of small public companies that trade at less than $1.00. In some countries, similar shares of stock are known as cent stocks.-Concerns for investors:...
, Toluca Pacific Securities and Greenway Capital. Abramo allegedly controlled other small-cap stock dealers through brokers and traders owing allegiance to him.
Murder
In addition to white collar crime, Abramo also allegedly committed murder. In 1989, Abramo and other DeCavalcante family members allegedly murdered Frederick Weiss, a recycling executive and former city editor of the Staten Island AdvanceStaten Island Advance
The Staten Island Advance is a daily newspaper published in the borough of Staten Island in New York City. The only daily newspaper published in the borough, and the only borough to have its own major daily paper, it covers news of local and community interest, including borough politics. As of...
newspapers. The murder was a favor to Gambino crime family
Gambino crime family
The Gambino crime family is one of the "Five Families" that dominates organized crime activities in New York City, United States, within the nationwide criminal phenomenon known as the Mafia . The group is named after Carlo Gambino, boss of the family at the time of the McClellan hearings in 1963...
boss John Gotti
John Gotti
John Joseph Gotti, Jr was an American mobster who became the Boss of the Gambino crime family in New York City. Gotti grew up in poverty. He and his brothers turned to a life of crime at an early age...
who feared that Weiss was cooperating with the Federal Bureau of Investigation
Federal Bureau of Investigation
The Federal Bureau of Investigation is an agency of the United States Department of Justice that serves as both a federal criminal investigative body and an internal intelligence agency . The FBI has investigative jurisdiction over violations of more than 200 categories of federal crime...
(FBI) on a waste company investigation. In 1991, Abramo allegedly participated in the killing of John D'Amato
John D'Amato
John "Johnny Boy" D'Amato was a New Jersey mobster and former Acting boss of the DeCavalcante crime family. After being recruited by Gambino crime family Boss John Gotti to take over the family, and amidst rumors that he was homosexual, D'Amato was murdered in January 1992.- Captain :After being...
, a man whom Gotti wanted to install as boss of the DeCavalcante family in 1990.
As Abramo's status rose in the DeCavalcante family, he frequently served as a liaison between the DeCavalcantes and the five crime families
Five Families
The Five Families are the five original Italian-American Mafia crime families which have dominated organized crime in America since 1931. The Five Families in New York remain as the powerhouse of the Italian Mafia in the United States.-History:...
of New York. The FBI identified him as a frequent visitor to Gotti prior to his imprisonment in 1992. Abramo is also the brother-in-law of Alan Longo
Alan Longo
Alan "Baldie" Longo is an alleged Brooklyn mobster and acting caporegime in the New York Genovese crime family who became heavily involved in stock fraud schemes.-Stock scams:...
, a member of the Genovese crime family
Genovese crime family
The Genovese crime family , is one of the "Five Families" that dominates organized crime activities in New York City, United States, within the nationwide criminal phenomenon known as the Mafia . The Genovese crime family has been nicknamed the "Ivy League" and "Rolls Royce" of organized crime...
.
Conviction and prison
In 1994, Abramo was indicted in New Jersey for allegedly swindling 300 people nationwide out of $1 million by selling them fraudulent lines of credit. In October 2000, Abramo was indicted on charges of racketeering, conspiracy to murder, and securities fraudSecurities fraud
Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws....
. During his trial, Abramo made the following statement:
"I have done many, many things in my life that I am ashamed of, but I have never, ever murdered another human being nor have I ever asked or ordered anyone to murder another human being,"
On July 4, 2003, Abramo was convicted of five murders, including those of D'Amato and Weiss, as well as racketeering and loan sharking charges and sentenced to life in prison.
In September 2008, a federal appeals court reversed Abramo's racketeering conviction and ordered a new trial. As of May 2010, Abramo is being held at the Metropolitan Detention Center
Metropolitan Detention Center
"Metropolitan Detention Centers" are federal detention facilities operated by the Federal Bureau of Prisons and located throughout the United States...
(MDC) in Brooklyn
Brooklyn
Brooklyn is the most populous of New York City's five boroughs, with nearly 2.6 million residents, and the second-largest in area. Since 1896, Brooklyn has had the same boundaries as Kings County, which is now the most populous county in New York State and the second-most densely populated...
, possibly awaiting retrial. His projected release date is January 21, 2018.
External links
- Testimony Concerning The Involvement of Organized Crime on Wall Street by Richard H. Walker (September 13, 2000)
- Crime Family Dealt a Blow, Police Say by William K. Rashbaum (October 20, 2000)
- United States v. Giovanni Riggi, Philip Abramo, ect.
- United States of America v. Giovanni Riggi, Philip Abramo, ect., United States District Court of Southern District of New York
- http://www.wnd.com/index.php?pageId=17666
- DeCavalcante Verdict
- Racketeering Convictions Rejected for 3 in Mob Case By JOHN ELIGON