Any depiction of the role of New Jersey check cashers in the questionable trans-Hudson check cashing transactions of New Yorkers, many of them scoundrels if not actual mob members and associates, must highlight the machinations of or­ganized crime-connected City Check Cashing, Inc., of Jersey City. This company's check pro­cessing volume is measured in the millions-of gross revenues and of checks-and its yearly fees in the hundred of thousands of dollars. As de­scribed at the Commission's public hearing, even the company's origin was so tainted by under­world influences that its operations were viewed with suspicion by law enforcement agencies from its outset in 1984-1985. The company was formed by Edwin Siegel of Clifton. His colleague in the venture, Robert Santoro of Wanamassa, a con­firmed organized crime associate, had been fined $25,000 for operating as an unlicensed check casher and forever barred from licensure as an owner of a check cashing outlet. For some strange reason, however, Santoro was permitted there­after to work as a licensed check casher employee subject to the condition that his employer's busi­ness did not increase due to checks being pro­cessed for non-local clients, for third party en­dorsers, bounced checks and any other unusual check cashing activity. All of these restrictions have been violated since Siegel hired Santoro at the time of City Check Cashing's formal opening on March 11, 1985. That Siegel is a front for San­toro is suggested by City Check Cashing's major customers. Many of them were inherited from Santoro's previous, much-investigated check cashing entities. Furthermore, City Check Cashing utilizes the same telephone number that Santoro used at his outlets.

Thanks to scores of highly suspect trans­actions, City Check Cashing was an instant suc­cess-processing more than $19.8 million worth of checks during the remainder of 1985 for fees that amounted to over $202,000. Half of the checks, $9.6 million worth, were drawn on out-of­state financial institutions, chiefly in New York. From then on, City Check Cashing's business mushroomed to $61.5 million in checks, half out­of-state, and almost $743,000 in fees in 1986, and to $95.9 million in checks and $1.1 million in fees in 1987. No other single licensed check casher in New Jersey did so much business. Pertinent to this phase of the hearing agenda was the SCI's investigative finding that New York transactions amounted to almost half the total volume at City Check Cashing and more than half of its fee rev­enues.

Head Check Cashier Santoro Mum

Since mob associate Santoro had become such an important factor in City Check Cashing's phenomenal financial success, even though his apparent direction of the company was masked by his employment as a so-called "head cashier," the Commission asked him a number of questions on that point. Santoro claimed his Fifth Amend­ment privilege against self-incrimination and re­fused to respond. Some of the questions will be noted here, nonetheless, to clarify his role in the City Check Cashing episode. Counsel Morley questioned Santoro who, having invoked the Fifth Amendment privilege at the start, replied most often with "same answer" or "same:"

Q. Mr. Santoro, did you set up Edwin Siegel in business at City Check Cashing when you re­alized that you were going to be sanctioned by the Department of Banking?
A. Same.

Q. Isn't Edwin Siegel, in fact, merely a front for yourself in the operation of City Check Cashing?
A. Same.

Q. While you've been working at City Check Cashing, have you cashed checks payable to any of the following corporate en­tities-Packed Transport, Cardinal Container, Horizon Container Distribution, Drive Energy, A. Ambrosio and Son Demolition; County De­livery Service, Graf Air Services, Graf Air Transportation, Commodity Haulage, Sidney Bitterman, Incorporated; Split-End Limited, Outer Scene Limited, Corporate Mail Service, SJN Incorporated, Abato Truck Sales, West 51st Corp., Marshall Zolp, Pier Services?
A. Same.

Q. While working at City Check Cashing have'you ever charged more than the fees allowed by law?
A. Same.

Q. Have you ever knowingly cashed checks pay­able to fictitious payees?
A. Same.

Q. Have you ever cashed checks payable to cor­porations without having the required [corporate] resolutions on file?
A. Same.

Q. Have you ever cashed checks for individuals knowing that they were cashing these checks in order to achieve some unlawful purpose?
A. Same.

Q. Have you ever made illegal loans by accepting checks which you knew would be dishonored but with the understanding that you would be paid interest, often at usurious rates, on any uncollected balances?
A. Same.

Q. Did you at one time maintain a file labeled "Bobby A to Z" which contained the records of loansharking activities?
A. Same.

Return to the SCI Check Cashing Industry 1988 Report Main Menu

Domains For Sale – Web Sites For Sale

Is there voting after death? Hudson County Politics

City Hall Web Wall City Hall puts one Web site off limits Web site's owner: Why ban just me?

For All Sorts of Unique New York City Information, Visit GET NY!

Brooklyn Politics: Due to the tireless efforts of Brooklyn District Attorney Charles "Joe" Hynes,
the people of New York City remain safe from that gang of marauding political reprobates – Sandra Roper, John O'Hara, and Judge John Phillips.

The Trail of the Tiger – Tammany: 1789-1928 Boss Tweed and The History of New York City Political Corruption

United States Of America V. Robert Philip Hanssen The FBI Agent Who Spied for the Russians

Now on Sale at Amazon

Hudson County, New Jersey is a place of many firsts - including genocide and slavery.
Political corruption is a tradition here.
First issue in a series by Anthony Olszewski – Click HERE to find out more.

Print Edition Now on Sale at Amazon Read Online at Google Book Search Advertiser and Distributor Inquiries Welcome

The Advance-Decline Line As A Tool In Technical Market Analysis