For decades, New York’s Mafia acted like rival hedge funds, each guarding its own market share. Now, they’re more like a network of family offices pooling capital, technology, and muscle for shared gain.
That cooperation was on full display in last week’s sweeping indictment by Brooklyn prosecutors outlining a vast sports-gambling ring. Officials described what they called an unprecedented alliance among four of the city’s five Mafia families — the Genovese, Gambino, Bonanno, and Lucchese — working together to rig high-stakes poker games and cheat high-rollers out of millions.
“Bringing four of the five families together in a single indictment ...