Openings Set to Start in Mob Financial Fraud Case

CAMDEN — (Associated Press) - Federal prosecutors will start making their case to jurors that a group of Philadelphia and southern New Jersey mobsters pulled off a white-collar financial fraud scheme.

The trial of Nicodemo Scarfo and six other defendants is scheduled to start Wednesday. Prosecutors say the defendants used threats to take over a mortgage company and then kept the firm’s assets for themselves.

Scarfo is the son of imprisoned crime family boss Nicodemo D. “Little Nicky” Scarfo.

Other defendants include a reputed mob associate and two lawyers and two men who were executives at FirstPlus Financial Group, the Irving, Texas-based mortgage company.

The trial is in federal court in Camden is expected to last about three months.

Scarfo’s nephew, Philip Leonetti, a former Philadelphia underboss known as 'Crazy Phil' has lived under an assumed name since leaving prison in 1992 and switching sides to help the FBI. In his new book, 'Mafia Prince,' which comes out next week, he admits killing 10 people for his uncle, the notoriously ruthless 1980s-era mob boss Nicodemo 'Nicky' Scarfo.