Word: pecoraro
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Dates: during 1930-1939
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...were the faces of several proud Manhattan bankers last week when they were exposed in Federal Court not for evil but for folly. In Judge William Bondy's courtroom, Michael ("Mike") Pecoraro, 39, a confessed swindler with at least 19 aliases, received an 18-month penitentiary sentence for having obtained $15,563 in 19 different loans from the National City Bank and Manufacturers Trust Company on 19 pieces of real estate...
Because the Federal Housing Administration is a partial guarantor of modernization loans made by banks under Title I of the National Housing Act, Mike Pecoraro's methods came under Federal scrutiny. His methods were simple. A short, smartly-dressed man with a police record as a forger and thief, Mike would walk into a branch of big National City or Manufacturers Trust, submit an FHA loan application signed by Otto Corneau (or one of 18 other names) with his right hand and the wife's name penned with his left. Then he returned to a rented apartment, waited...
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