What is Racketeering?
Racketeering is a criminal activity that involves running illegal businesses or schemes to make money. It is often associated with organized crime and involves various illegal acts such as bribery, extortion, fraud, and money laundering.
Racketeering Definition in Law
Under the Racketeer Influenced and Corrupt Organizations (RICO) Act, racketeering is defined as a pattern of illegal activity carried out as part of an ongoing criminal enterprise. Racketeering charges can be brought against individuals or organizations involved in organized crime.
Examples of Racketeering
Some common examples of racketeering include drug trafficking, illegal gambling, prostitution rings, and fraudulent schemes such as Ponzi schemes. These illegal activities are often carried out by organized crime syndicates to generate profit.
Case Studies
One famous case of racketeering is the prosecution of the Gambino crime family in New York City. The family was charged with various racketeering offenses including extortion, loan sharking, and murder. The case resulted in multiple convictions and dismantled the criminal organization.
Racketeering Statistics
According to the FBI, racketeering activities cost the US economy billions of dollars each year. Organized crime groups engage in various illegal activities that impact businesses, communities, and individuals. Racketeering charges are often used to target and dismantle these criminal enterprises.
