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Bridgewater Man Among Three Indicted in Alleged Loansharking and Extortion Scheme
A Bridgewater resident is among three men indicted in a sweeping New Jersey criminal case involving allegations of loansharking, extortion, money laundering, and conspiracy, according to an announcement from the New Jersey Attorney General's Office.
State officials announced that Stephen Locrotondo, 68, of Bridgewater, along with former Englishtown Councilman John E. Alite, 64, and John P. Alite, 35, of Manalapan, has been charged in connection with an alleged scheme involving high-interest loans and intimidation tactics aimed at collecting money from victims.
Prosecutors allege that John E. Alite operated a criminal enterprise through his businesses, Straightened-Out Entertainment Inc. and Alite Consulting LLC, issuing loans with interest rates that exceeded legal limits and using threats of violence to collect payments. Authorities further claim that Locrotondo participated in the operation by agreeing to receive returns on loans that surpassed New Jersey's lawful interest rates.
Locrotondo faces charges including usury, extortion, conspiracy, corporate misconduct, and money laundering. John P. Alite is charged with usury, conspiracy, and money laundering.
The investigation was conducted by the New Jersey State Police Official Corruption North Unit and is being prosecuted by the Division of Criminal Justice.
Attorney General Jennifer Davenport said authorities remain committed to pursuing those who use intimidation and threats to profit from others.
The indictment follows the June 2026 arrest of John E. Alite, who was serving as an Englishtown councilman at the time. Officials noted that he has since been removed from office.
As with all criminal cases, the charges are accusations, and all defendants are presumed innocent unless and until proven guilty in a court of law.
Source: New Jersey Attorney General's Office, Division of Criminal Justice.
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