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racketeer (n.)

"member of a criminal gang practicing extortion, 'protection,' intimidation, etc.," 1927, a word from Prohibition, from racket (n.1) in the "dishonest activity" sense + -eer. Earlier (1926) in reference to organizers of fraudulent bankruptcies. By 1928 as a verb. Related: Racketeering, verbal noun (1927).

[A] racketeer is nothing more nor less than a gangster who has organized thuggery along business lines. ["What is a Racketeer?" Brooklyn Daily Eagle, Oct. 7, 1928]

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Definitions of racketeer from WordNet
1
racketeer (v.)
carry on illegal business activities involving crime;
2
racketeer (n.)
someone who commits crimes for profit (especially one who obtains money by fraud or extortion);
From wordnet.princeton.edu