Ronald Giallanzo an alleged acting captain in the Bonanno crime family along with two soldiers have agreed to plead guilty to racketeering conspiracy charges.
According to court documents Giallanzo, Michael Palmaccio, and Nicholas Festa all admitted to being part of a Bonanno family crew that operated out of Howard Beach, Queens. According to the feds, Palmaccio and Festa were part of a very lucrative loansharking operation worth millions that were controlled by Giallanzo. All three mobsters were arrested back in March of 2017 along with several other co-defendants who have also plead guilty. Giallanzo, Palmaccio, and Festa will be facing a statutory maximum of 20 years behind bars when sentenced.
(Ronald Giallanzo)
Along with admitting to being part of the Cosa Nostra family all three defendants also admitted to extending and collecting extortionate loans to multiple victims. According to the indictment Giallanzo directed his mafia associated to commit acts of violence to ensure that customers paid their debts. The feds claim he even maintained control of his operation from behind bars on a prior racketeering and extortion conviction. At one point he had extended over $3 million dollars in extortionate loans to various customers according to court documents.
FBI Assistant Director-in-Charge said, “Mobsters are known for lending large amounts of money at exorbitant rates to individuals who they know lack the financial means of paying off their loans, they intentionally extort their victims over extended periods of time using threats of violence as a means of collecting their weekly payment.” United States Attorney Richard P. Donoghue said: “Through their acts of violence, Giallanzo, Palmaccio, and Festa reaped substantial illicit profits at the expense of their loansharking victims, with today’s guilty pleas, these defendants are being held responsible for their destructive role in perpetuating organized crime’s presence in the community.”
(Giallanzo Howard Beach Mansion)
Giallanzo also agreed to forfeit $1.25 million dollars and will be required to sell his luxurious Howard Beach mansion. The house was a target for the feds from the start claiming he had constructed it using profits from his organized crime operations. In the government’s eyes, it seemed to be a symbol of Ronnie G’s success in the New York Mafia. They have now successfully made it a symbol of how downfall. Palmaccio and Festa have also both agreed to forfeit $500,000 each. The majority of the Bonanno family crew will be serving quite a few years as guests of the government.
