About: Philip Kastel

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Born in New York City, Kastel became a stockbroker and involved himself in fraudulent stock sales through "bucket shop" rackets. In 1921, he led the brokerage firm of Dillon & Company into bankruptcy while writing numerous large checks from drained company accounts. When the company failed, it had about $3,000 in assets and debts to customers in excess of half a million dollars. An investigation followed in 1922, and Kastel disappeared. He turned up in San Francisco and was brought east to stand trial. After delays and two unsuccessful trials, Kastel was convicted April 17, 1926, of fraudulent use of the mails. He was sentenced to serve three years in federal prison but was released on $20,000 bail pending appeals.

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rdfs:label	Philip Kastel
rdfs:comment	Born in New York City, Kastel became a stockbroker and involved himself in fraudulent stock sales through "bucket shop" rackets. In 1921, he led the brokerage firm of Dillon & Company into bankruptcy while writing numerous large checks from drained company accounts. When the company failed, it had about $3,000 in assets and debts to customers in excess of half a million dollars. An investigation followed in 1922, and Kastel disappeared. He turned up in San Francisco and was brought east to stand trial. After delays and two unsuccessful trials, Kastel was convicted April 17, 1926, of fraudulent use of the mails. He was sentenced to serve three years in federal prison but was released on $20,000 bail pending appeals.
dcterms:subject	Genovese Crime Family Deceased Jewish Mobsters Associates dbkwik:resource/hrpN3vKpfK-bx-jBVQ8-qg==
abstract	Born in New York City, Kastel became a stockbroker and involved himself in fraudulent stock sales through "bucket shop" rackets. In 1921, he led the brokerage firm of Dillon & Company into bankruptcy while writing numerous large checks from drained company accounts. When the company failed, it had about $3,000 in assets and debts to customers in excess of half a million dollars. An investigation followed in 1922, and Kastel disappeared. He turned up in San Francisco and was brought east to stand trial. After delays and two unsuccessful trials, Kastel was convicted April 17, 1926, of fraudulent use of the mails. He was sentenced to serve three years in federal prison but was released on $20,000 bail pending appeals. Half a year later, he was convicted of first degree grand larceny, in connection with the stock frauds. A sentence of between three and a half and eight years in state prison was imposed for that offense. He was freed on $40,000 bail while he appealed that verdict. Kastel's federal appeal was lost in December 1927. At the end of the Prohibition Era, Kastel reportedly served as president of a liquor distributing business. He and Frank Costello imported the King's Ransom brand of Scotch whiskey. By 1934, he also was linked with Costello in the operation of slot machines in and around New York City.

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