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.READ MORE: New Study Suggests Dogs Can Sniff Out COVID-19
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.READ MORE: Here Is Where The Pennsylvania Primary Race For The Senate Seat Stands
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.MORE NEWS: Police: Man Allegedly Killed In West Philly Shooting By Girlfriend's Ex-Boyfriend
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