TRENTON, N.J. (AP) -- A Staten Island man has admitted running a loansharking operation in New York and New Jersey that used threats of violence to get debtors to pay up.
Prosecutors say Francis Alfieri pleaded guilty in federal court in Trenton to conspiracy to collect loans through extortionate means.
Prosecutors say the 30-year-old Alfieri threatened to break the legs of an Edison man if he did not repay his loans.
At Monday's plea hearing, Alfieri admitted that debtors were required to make weekly payments on the loans and that the payments did not reduce the principal.
Alfieri faces a maximum penalty of 20 years in prison and a $250,000 fine, although the actual sentence will likely be less under federal sentencing guidelines.
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