One of the biggest moneymakers for the Mafia families has been through loansharking, and in February 1965 the FBI's New York Field Office prepared an 87-page report for Director J. Edgar Hoover on so-called shylocking which details the racket and identifies its players:
The following is list of prominent shylocks in the Greater New York area. The list is by no means complete, inasmuch as virtually every member of "La Cosa Nostra" at one time or another engages in shylocking. However, it is felt that those listed below should be considered the most prominent.
Each day Friends of Ours is republishing two entries from this list.
Michelino Clemente, also known as Michael J. Clemente, Michael L. Clemente, Mike Clemente, Mike the Loader
Clemente, who has FBI number 2675935, was born on August 24, 1908, and resides at 7520 Colonial Road, Brooklyn, New York, and has a summer residence in Point Lookout, New York. He has a length criminal record dating from 1925, which includes arrests for rape, assault, extortion, conspiracy and coercion, illicit still, perjury and conspiracy to evade paying Internal Revenue liquor taxes.
He is a close associate of known hoodlums Thomas Eboli, Joseph A. Lanza, Saro Mogavero, John Oddo and others.
Clemente is an active shylock on the New York and Brooklyn waterfronts and has been identified by Joseph Valachi as a member of the Vito Genovese "family" of "Cosa Nostra." Confidential Source 4 advised in January, 1963, that Clemente is a member of the Genovese "family" of "Cosa Nostra."
John Cutrone, also known as Moonie
Cutrone, who has Federal Bureau of Investigation number 5625818, was born on February 6, 1920. He resides at 1223 Elm Avenue, Brooklyn. He is a close associate of known hoodlums such as the Gallo brothers, Harry Fontana, [name redacted], et al.
Cutrone has an arrest record dating from 1961 including arrests for consorting, narcotics and conspiracy - assault.
Confidential source number 6 advised in 1961 that Cutrone was a member of the Profaci "family" of "La Cosa Nostra" and was among the faction which broke away with Larry Gallo. In 1964, confidential source number 6 advised that Cutrone was still with the Gallo faction.
According to New York City Police Department sources, Cutrone is involved exclusively in shylocking and policy activities in Brooklyn, New York.