Former Philadelphia Mob Boss' Son Convicted Of Financial Fraud
CAMDEN, N.J. (AP) — A federal jury in New Jersey has convicted the son of a former Philadelphia mob boss in a financial fraud trial.
The panel on Thursday found Nicodemo Scarfo guilty of several counts including racketeering conspiracy, conspiracy to commit securities fraud and wire fraud.
The verdict against Scarfo and eight other defendants is unfolding in Camden, New Jersey.
They were accused of taking over a publicly held company by intimidation and then using its assets to buy cars, houses and a yacht named Priceless.
Their lawyers argued their business with Irving, Texas-based mortgage company FirstPlus Financial was an unsuccessful but legitimate attempt to save a faltering company.
Scarfo's father, Nicodemo "Little Nicky" Scarfo, led the Philadelphia Mafia until 1988 when he was convicted of racketeering and sent to prison.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)