The son of a former Philadelphia mob boss has been sentenced to 30 years in jail for conspiring with three others to take over a company and steal $12 million from shareholders.
Nicodemo Scarfo, of Galloway, was convicted of racketeering conspiracy, securities fraud and other charges after taking over a publicly-held Texas financial firm. They used false SEC filings, phony consulting agreements and threat of economic harm to replace the company’s management with loyalists.
Scarfo is the son of former Philadelphia mob boss Nicodemo Scarfo. He was sentenced to 55 years in jail on similar charges. After an assassination attempt, prosecutors say Scarfo Jr. began working with the Lucchese crime family in southern New Jersey.
Three other co-defendants in the case are scheduled to be sentenced later this week.