Boardroom mob: Feds charge Philly mobsters with looting Texas mortgage company

WHAT: Nicodemo S. Scarfo, 46, a reputed second-generation Philadelphia mob boss, was indicted along with 12 others on charges of pillaging some $12 million in assets from a Texas mortgage company.

HOW: Scarfo and his associates allegedly took over FirstPlus Financial Group, a publicly traded mortgage company in Irving, Texas. Prosecutors said FirstPlus had a lot of cash but not much business sophistication.

WHY: The gang allegedly used traditional mob-style threats to gain company control. The indictment said they quickly spent $12 million on multiple homes, weapons, an airplane, an Audi, a Bentley, $30,000 in jewelry and an 83-foot, $850,000 yacht.

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