Longo ran his Brooklyn rackets out of a social club in the Carroll Gardens section of Brooklyn. During the 1990s, Longo's capo Alphonse Malangone began a lucrative stock scams on Wall Street with DeCavalcante crime family capo Philip Abramo. The mobsters earned their crime families millions of dollars. Longo and Abramo were involved in manipulating the Initial Public Offering (IPO) of Mayfair stock. Investigators alleged that Longo and Abramo came to dominate and control Bahamian companies involved in financing such IPOs and similar transactions.
On April 25, 2001, Longo and Colombo crime family acting boss Alphonse Persico were indicted on racketeering charges, including charges of pump-and-dump scams and loansharking. Prosecutors gathered much of their evidence through the undercover work of mob informant Michael D'Urso. D'Urso wore a wire during a four-hour sitdown meeting with Longo at a cafe concerning Longo's influence at the Fulton Fish Market. Longo also indicated that he planned on meeting with Persico upon his release from prison regarding money owed to the Genovese family by the Colombos for crimes committed at the Market.
During one taped conversation, Longo made the following observation about the Genovese Family:
- "Using an Informer, U.S. Agents Charge 45 in Mafia Crimes" By ALAN FEUER New York Times April 26, 2001
- Claffey, Mike (April 26, 2001). "NYPD, FEDS JOIN FORCES TO NAB 45 TIED TO MOB". New York Daily News. Retrieved 17 April 2012.
- Smith, Greg B. (August 12, 2001). "GENOVESE FAMILY KEEPS ITS CHIN UP Gigante becomes top don as Gotti fades". New York Daily News. Retrieved 17 April 2012.
- Federal Bureau of Prisons Inmate Locator Website