A Swindler's Story and Free Speech

A new book about the mob on Wall Street by a BusinessWeek writer is at the center of a brewing legal controversy

Born to Steal: When the Mafia Hit Wall Street, by BusinessWeek Senior Writer Gary Weiss, tells the story of Louis Pasciuto, a sleazy stockbroker with mob connections who ripped off gullible investors in small-cap stocks as the bull market raged during the 1990s. The 29-year-old New York native, who cooperated with Weiss, has pleaded guilty to three counts of securities fraud and is now out on bail awaiting sentencing. In exchange for his testimony against other crooked brokers, federal prosecutors had promised him leniency, according to Pasciuto's attorney, Anthony Palumbo.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.