By: Richard L. Smith
According to a statement released by the New Jersey Office of the Attorney General, two New Jersey men have been arrested and charged in connection with an alleged loan-sharking and extortion scheme.
Authorities said John Alite, 63, of Englishtown, was arrested on June 19 and charged with multiple counts of second-degree theft by extortion, second-degree corporate misconduct, second-degree usury, and terroristic threats.
Investigators allege Alite made loans with interest rates exceeding those permitted under state law and later used threats of violence to obtain money and property from victims.
Prosecutors further allege that Alite utilized his company, Straightened-Out Entertainment, Inc., to facilitate and promote the alleged criminal operation.
Authorities also arrested Stephen Locrotondo, 67, of Bridgewater. He is charged with usury and conspiracy for allegedly coordinating with Alite to receive unlawful interest payments on loans.
The investigation remains ongoing. Anyone with information relevant to the case is encouraged to contact the New Jersey Attorney General’s Office.