A federal judge in New Jersey has sentenced a mob associate to 30 years in prison for his role in the hostile takeover of a publicly-held company in Texas.
Forty-eight-year-old Salvatore Pelullo of Philadelphia was convicted of racketeering conspiracy and related offenses. He was also ordered to pay $14 million in restitution.
Prosecutors say the Lucchese organized crime family associate and three others conspired to take control of FirstPlus Financial Group by using threats of economic harm. Prosecutors say they replaced the company’s management and board and funneled $12 million to themselves to fund extravagant purchases.
The son of the imprisoned former leader of the southern New Jersey-Philadelphia mob, 50-year-old Nicodemo Scarfo, was sentenced to 30 years in the scheme on Tuesday.