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Seven Members Of Organized Crime FamiliesPlead Guilty To Racketeering And Extortion
Roslynn R. Mauskopf, United States Attorney for the Eastern District of New York, announced the guilty pleas of Colombo Family captain JOSEPH BAUDANZA, his brother, Colombo Family soldier CARMINE BAUDANZA, Colombo Family soldier CRAIG MARINO, Colombo Family associates CRAIG LESZCZAK, ROBERT PODLOG, and ARTHUR GUNNING, and Luchese Family soldier JOHN BAUDANZA, the nephew of JOSEPH BAUDANZA. The guilty pleas today of CARMINE BAUDANZA and JOHN BAUDANZA before United States Magistrate Judge Cheryl L. Pollak represent the sixth and seventh defendants to plead guilty in this district within the past week.
On March 23, 2006, an indictment was unsealed charging the defendants with wide-ranging criminal activity, including a racketeering conspiracy involving securities fraud, extortion, witness tampering, kidnaping, and money laundering. All but GUNNING, who pled guilty to extortion, have pleaded guilty to a Colombo family racketeering conspiracy that used extortion to make money from stock manipulation at several brokerage firms. When sentenced, each defendant faces a maximum term of imprisonment of 20 years' incarceration and a $250,000 fine. Read more at newyork.fbi.gov.
Settlement Price: The daily price at which the clearing organization clears all trades
Settlement Price: The daily price at which the clearing organization clears all trades and settles all accounts between clearing members of each contract month. Settlement prices are used to determine both margin calls and invoice prices for deliveries. The term also refers to a price established by the exchange to even up positions which may not be able to be liquidated in regular trading.
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Definition:
(1) A strategy involving the simultaneous purchase and sale of options of the same class and expiration date, but different strike prices. In a bear spread, the option that is purchased has a lower delta than the option that is bought. For example, in a call bear spread, the purchased option has a higher exercise price than the option that is sold. Also called Bear Vertical Spread. (2) The simultaneous purchase and sale of two futures contracts in the same or related commodities with the intention of profiting from a decline in prices but at the same time limiting the potential loss if this expectation does not materialize.
Hedge Exemption
Definition:
An exemption from speculative position limits for bona fide hedgers and certain other persons who meet the requirements of exchange and CFTC rules.
Carrying Charges
Definition:
Cost of storing a physical commodity or holding a financial instrument over a period of time. These charges include insurance, storage, and interest on the deposited funds, as well as other incidental costs.
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