Stein was a native of New York and was known as the "loanshark to the stars". He was a close associate of Nicholas "Jiggs" Forlano, a Colombo crime family capo, and Genovese family boss "Fat Tony" Anthony Salerno. He was said to have had around a million dollars out on the streets earning him and his partners exhorbitant interest rates. Stein was allegedly one of the biggest loan sharks in New York City during the 1960's and 70's and also ran gambling clubs on the Upper West Side of Manhattan