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

Nicodemo S. Scarfo is an alleged mob boss in Philadelphia.

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.

Daily OutrageOpinionOther Opinion

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

‘Extremely disturbing’: SF police chief condemns death of George Floyd

Bill Scott joins SFPOA, top cops nationwide in deeming incident a failure of policing

Haight Street group drops ties with prominent pro-Trump attorney

Amoeba, other merchants filed lawsuit seeking to block ‘Safe Sleeping’ site on Stanyan

CCSF board votes to close Fort Mason campus

College dropping lease on waterfront site to help close projected deficit

Planning Commission greenlights 1,100 unit Balboa Reservoir project

Development near CCSF expected to include 50 percent below-market rate units

Breed announces timeline for when SF’s businesses can reopen after COVID-19 shutdown

Restaurant advocacy group wants The City to allow indoor dining sooner

Most Read