Son of former Philadelphia mob boss convicted of defrauding publicly traded company

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The son of a former Philadelphia mob boss has been convicted in a financial fraud trial.

Nicodemo Scarfo was found guilty in New Jersey on Thursday of multiple counts including racketeering conspiracy, conspiracy to commit securities fraud and wire fraud.

Scarfo and his co-defendants 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.

A second alleged ringleader, Salvatore Pellulo, was also convicted of conspiracy. Three defendants were acquitted.

Their lawyers had 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.