The securities business on Wall Street was considered relatively safe to invest in until the late 1950s. It was in 1959 that New York State Attorney General Louis Lefkowitz began investigating mob controlled investment firms. Among these was Philip Newman Associates which maintained offices on Madison Avenue. Carmine Lombardozzi, a Gambino crime family lieutenant who controlled Wall Street loan sharking, was involved in this securities fraud. His brother, John, was part of a ring of conspirators that stole over $1 million from Bache & Company in 1962.