iBankCoin
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Cosa Nostra Mobsters Charged in Mortgage Fraud Scheme

CAMDEN, NJ — The FBI says a financial fraud case shows that mobsters are moving “from the back alleys to the boardrooms.”

Reputed mobsters, including the son former Philadelphia mob boss Nicodemo D. “Little Nicky” Scarfo, were charged in an indictment unsealed Tuesday.

Five lawyers and an accountant were charged along with Nicodemo S. Scarfo.

Federal authorities say the group took over FirstPlus Financial Group, an Irving, Texas mortgage company, had it buy shell companies they ran and took the money out.

Authorities say the scheme brought them $12 million between 2007 and 2008.

One of the reputed mobsters’ purchases with the money: A yacht named “Priceless.”

FBI Special Agent Michael Ward says the allegations show organized crime has evolved.

Scarfo Jr. is due in a Camden federal court Tuesday afternoon.

Read more: http://trade.cc/azh

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2 comments

  1. Bravo

    I am embarrassed to say I used to work with FirstPlus in its halycon days (’96-98) with Dan Marino as the 125% LTV spokesman. What a corrupt org. then, well before he mob got involved. I’m surprised it took them this long to make it official…..

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  2. CRONKITE

    cosa nostra should include all the big banks and uncle sam too

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