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Born to Steal: When the Mafia Hit Wall Street Mass Market Paperback – May 1, 2004


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Product Details

  • Mass Market Paperback: 448 pages
  • Publisher: Grand Central Publishing (May 1, 2004)
  • Language: English
  • ISBN-10: 0446613983
  • ISBN-13: 978-0446613989
  • Product Dimensions: 6.8 x 4.2 x 1 inches
  • Shipping Weight: 8 ounces
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (34 customer reviews)
  • Amazon Best Sellers Rank: #1,788,327 in Books (See Top 100 in Books)

Editorial Reviews

From Booklist

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
Copyright © American Library Association. All rights reserved --This text refers to an out of print or unavailable edition of this title.

Review

'Riveting, captivating, juicy' NEW YORK TIMES 'Think WISEGUY meets WALL STREET, or THE SOPRANOS of stocks. BORN TO STEAL is a rip-roaring read.' John Rothschild, co-author of ONE UP ON WALL STREET

More About the Author

Gary Weiss has uncovered financial wrongdoing for almost a quarter of a century.

AYN RAND NATION (St. Martin's Press: Feb. 28, 2012), his third book, began as an exploration of the roots of the 2008 financial crisis. It soon became apparent that Ayn Rand's teachings were a decisive influence, and that her philosophy has come to pervade the national dialogue over the role of government, deficits, and "entitlements" such as Social Security and Medicare. Her teachings have been adopted in large measure by all of the Republican presidential candidates, have a strong influence on the libertarian movement and Tea Party, and pose a challenge to moderates and conservatives as well as the left.

It is a hidden battle for the soul of America - and Rand is winning.

Weiss was for years an investigative reporter at BusinessWeek magazine, where his award-winning cover story, "The Mob on Wall Street," exposed mob infiltration of the market for small-cap stocks. The article won praise from Louis Freeh, director of the FBI, for paving the way for federal prosecution of mob crimes in the stock market. He uncovered the Salomon Brothers bond-trading scandal, and authored some of the earliest coverage on the dangers posed by hedge funds, Internet fraud and out-of-control leverage.

He was a contributing editor at Conde Nast Porfolio, writing about the people most intimately involved in the financial crisis, from Timothy Geithner to Bernard Madoff. He also writes a regular column for TheStreet.com and is a freelance contributor to many periodicals.

His first book BORN to STEAL (Warner Books: 2003), described the Mafia's takeover of brokerage houses in the 1990s. WALL STREET VERSUS AMERICA (Portfolio: 2006) was a detailed account of investor rip-offs.

Customer Reviews

4.3 out of 5 stars
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The story is very captivating.
Chris Jaronsky
I am always on the lookout for books that tell such a story that you say to yourself, how the hell did he do that or this is so crazy that I can barely believe it.
Kevin Kingston
A good, fun read -- one of the better true crime books I've read in a while.
Mike Kenny

Most Helpful Customer Reviews

29 of 31 people found the following review helpful By dennis wentraub on June 17, 2003
Format: Hardcover Verified Purchase
If you've ever received an insistent telephone call for an investment opportunity that is guaranteed to make you a lot of money from someone you do not know at a brokerage firm that sounds, well, impressive if not familiar, you will want to read this book. The bucket shops and chop houses that employed cold-call cowboys pitching plausible, fraudulent, can't miss ground floor opportunities to the gullible, the greedy, and the insecure were not just a toxic waste product of the last bull market. An internet search of SEC Litigation Releases shows that greed and naivete are (surprise, surprise) in evidence today. Nonetheless, penny stock peddler Louis Pasciuto's rapid rise and fall on this crooked avenue of Wall Street does say something about the past decade's willingness to believe impossible things.
Some of this territory has been visited in fiction (BOILER ROOM, New Line Cinema, 2000), but author Gary Weiss' true account of Pasciuto's world has it all: cash, sex, drugs, gambling, violence, humor. Did I say cash? Louis and his barely out of school buddies were pulling in a hundred, sometimes two hundred thousand dollars a month in the 1990's peddling dreams and phony hopes. Weiss is at home writing about this hard-boiled, street smart world. He captures the dialogue, the profanity, the ironies, and the simple money lust energy that drives it all. He gets inside the relationship between Louis and Charlie Riccotone, a violent, small-time extortionist with a slippery veneer, who comes to represent the Mob's influence in this world as he worms his way into Louis' life.
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13 of 13 people found the following review helpful By Ricky Belluomo on September 18, 2004
Format: Hardcover
I have read just about every book that there is on organized crime, and I have also read my share of Wall Street books. Let me tell you, this one is right up there with the very best of the Mob genre--Wise Guys and the Valachi Papers--but with a searing wit that reminds me of Liar's Poker.

I bought this book after seeing its subject, Lou Pasciuto, featured on the ABC News show 20/20. Let me tell you, the story was if anything better than I had expected from watching that show. This is a really outstanding, superbly written book about a young kid from Staten Island who becomes an moneymaker for the Mob on Wall Street.

I read it on one sitting. This book grabs you in the beginning, when Pasciuto is sitting in prison, mulling over the shambles of his life. The book then reverts to a flashback in the best film noir style, recounting his early upbringing in a shabby but honest family. He was constantly the subject of attention as a small boy, and perhaps because of that incipient narcissism he became a thief at an early age--hence the title.

We follow Pasciuto in his first job, at a very well known boiler room called Hanover Sterling. This brings me to another aspect of the book that I think needs to be mentioned. Unlike the few other books that have explored the shady side of Wall Street, this book names names. We get the actual bad guys and the names of the actual brokerage houses. That gives this book an authority and credibility that adds to the excitement.

After Hanover, Pasciuto rises very rapidly and is running his own crews of brokers while still a teenager--before he can go into a bar and drink, as the author Weiss points out. He makes thousands of dollars a week and his life is a whirl of sex, drugs and trips to South Beach.
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13 of 13 people found the following review helpful By Gail Cooke HALL OF FAMETOP 500 REVIEWERVINE VOICE on June 26, 2003
Format: Audio Cassette
Even the most inventive fiction meister would be hard pressed to come up with a tale as astounding as this true story. In this reading movie and television actor Frank Whaley literally becomes the protagonist, a cocky young man from Staten Island.

The young man previously noted is Louis Pasciuto, a former gas station attendant, who built a fortune by bilking the credulous. He talked fast, lived fast, and eventually lost big time.
In 1992 Louis appeared on Wall Street to become part of a "chop house," an unsavory brokerage firm overseen by a Mafia boss. He trafficked in worthless and nonexistent stocks, cramming his hefty earnings into a mayonnaise jar.
Then, just when Louis feels indestructible, on top of the world, mobster Charlie Ricottone wants a part of the take. It's not too long before Louis is caught in a vise - blood thirsty, money hungry Charlie on one side and the FBI on the other.
In exchange for the Witness Protection Program Louis joined the good guys.
An incredible story, compellingly read.
- Gail Cooke
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12 of 12 people found the following review helpful By R. Spell VINE VOICE on December 19, 2003
Format: Hardcover Verified Purchase
I'm in the investment business but this book amazed even me. This is a story of a Staten Island teenager who signs on at a chop shop set up to bilk customers of their money. While poorly educated, Louis Pasciuto finds he has a knack for selling and can easily talk these people in to investing with him. But since this is a scam where the brokers make massive money and the customers lose, it's hardly investing at all.
Giving an uneducated 20-year-old massive money is dangerous. As he doesn't trust banks, he develops a better use of him money, spend it. Spend it on toys, women, trips, and drugs until eventually his monthly living expenses are so high he has money troubles that end with a mafia guy entering his life for a monthly taste. Now that's a whole other problem.
Louis Pasciuto's personal history is a perfect overlay for a demonstration of how the mafia infiltrated the investment business. Stories of mafia guys coming in and slapping their brokers around for money are unsettling at best. As always, this doesn't end happily.
I strongly recommend this book for an entertaining educational read of what can go wrong in the investment world. For further info on this subject, see the DVD, Boiler Room with Ben Affleck for another perspective of this 1990s phonemen. Although starting a little slow, once you are engaged in reading this book you cannot put it down.
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