Donate

    Former mob boss’ son convicted of financial fraud

    The son of a former Philadelphia mob boss has been convicted in a financial fraud trial.

    Nicodemo Scarfo was found guilty in New Jersey on Thursday of multiple counts including racketeering conspiracy, conspiracy to commit securities fraud and wire fraud.

    Scarfo and his co-defendants 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.

    A second alleged ringleader, Salvatore Pellulo, was also convicted of conspiracy. Three defendants were acquitted.

    Their lawyers had 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.

    Want a digest of WHYY’s programs, events & stories? Sign up for our weekly newsletter.

    Help us get to 100% of our membership goal to support the reporters covering our region, the producers bringing you great local programs and the educators who teach all our children.