Growing up in a neighborhood that was heavily Italian, I frequently experienced that gesture with my friend after we did something dumb at his house and got in trouble. Either his parents or grandmother would have their hands up in that pinched gesture, shaking them at you while yelling something like "Why in gods name would you two smash [friends sister] toys, put them in dog shit, set them on fire and throw them on the garage roof? Get up there and clean that god damn mess up! And you [me] go home." So yeah, saw that gesture frequently.