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July 28, 2015

Philly mobster Nicky Scarfo Jr. sentenced to 30 years in prison for $12 million scheme

Scarfo and accomplices carried out racketeering conspiracy within Texas company

The son of a notorious Philadelphia mobster was sentenced to 30 years in prison for a racketeering conspiracy in which he and three others took over a Texas company and stole $12 million from shareholders.

Nicodemo Scarfo Jr., son of the former mob boss who spent 55 years behind bars for similar crimes, was convicted of racketeering conspiracy, securities fraud and other charges in the takeover of a publicly held Texas financial firm, NBC10 reports.

Scarfo and his accomplices used false SEC filings, phony consulting agreements and the threat of economic harm in order to shake down existing management and install loyalists inside the company.

Well-known as the target of a Halloween 1989 assassination attempt at an Italian restaurant in Philadelphia, prosecutors say Scarfo became involved with South Jersey's Lucchese crime family. In 1990, he pleaded guilty and served seven years in prison on federal charges of racketeering and conspiracy to manufacture and distribute illegal video and poker machines, among other criminal activities. 

Scarfo's three other co-defendants are scheduled to be sentenced later in the week.