I really get confused every time I see that on the news
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Broadly speaking, it is an all-encompassing term for a form of an organized crime, an illegal scheme; not a singular crime committed by a sole perpetrator. It is also a pattern of illegal activity.
For example: human trafficking, bribery, insider trading, arson, extortion, wire fraud, etc.
The basic elements of racketeering (according to the DOJ):
• A criminal enterprise existed
• The enterprise affected interstate commerce (making it federal, not state)
• The defendant was associated with or employed by the enterprise
• The defendant engaged in a pattern of racketeering activity
• The defendant participated in at least two acts of racketeering activity
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