Philip Abramo (born July 21, 1945), also known as "The King Of Wall Street", "Lou Metzer" is a caporegime in the New Jersey DeCavalcante crime family who was allegedly involved in security fraud and murder. Abramo was a capo of the DeCavalcante family's crew in Miami, Florida.
Born in New York, Abramo graduated from Cardinal Hayes High School in the Bronx. One of the few Cosa Nostra mobsters to attend college, Abramo graduated from Pace University with a degree in accounting. In 1971, Abramo was convicted of possessing stolen property. In 1973, Abramo was convicted of conspiracy to distribute heroin and sentenced to seven years in federal prison.
White collar crime
At some point, Abramo joined the DeCavalcante crime family and eventually became a made man, or full member, of the family. He became involved in extortion, loansharking, and microcap stock fraud schemes. Abramo was the hidden control person behind Sovereign, a prominent microcap stock company and its sister trading firm, Falcon Trading. Abramo also controlled two penny stock firms, Toluca Pacific Securities and Greenway Capital. Abramo allegedly controlled other small-cap stock dealers through brokers and traders owing allegiance to him.
In addition to white collar crime, Abramo also allegedly committed murder. In 1989, Abramo and other DeCavalcante family members allegedly murdered Frederick Weiss, a recycling executive and former city editor of the Staten Island Advance newspapers. The murder was a favor to Gambino crime family boss John Gotti who feared that Weiss was cooperating with the Federal Bureau of Investigation (FBI) on a waste company investigation. In 1991, Abramo allegedly participated in the killing of John D'Amato, a man whom John Gotti wanted to install as boss of the DeCavalcante crime family in 1990.
As Abramo's status rose in the DeCavalcante crime family, he frequently served as a liaison between the DeCavalcantes and the five crime families of New York. The FBI identified him as a frequent visitor to John Gotti prior to his imprisonment in 1992. Abramo is also the brother-in-law of Alan Longo, a member of the Genovese crime family.
Conviction and prison
In 1994, Abramo was indicted in New Jersey for allegedly swindling 300 people nationwide out of $1 million by selling them fraudulent lines of credit. In October 2000, Abramo was indicted on charges of racketeering, conspiracy to murder, and securities fraud. During his trial, Abramo made the following statement:
"I have done many, many things in my life that I am ashamed of, but I have never, ever murdered another human being nor have I ever asked or ordered anyone to murder another human being,"
On July 4, 2003, Abramo was convicted of five murders, including those of D'Amato and Weiss, as well as racketeering and loan sharking charges and sentenced to life in prison.
In September 2008, a federal appeals court reversed Abramo's racketeering conviction and ordered a new trial. As of May 2010, Abramo is being held at the Metropolitan Detention Center (MDC) in Brooklyn, possibly awaiting retrial. His projected release date is January 21, 2018.