Introduction
Michael Franzese is a former American mobster who was associated with the Colombo crime family. He was known for his involvement in multiple criminal activities, including loan-sharking, extortion, racketeering, and illegal gambling. Despite leading a life of crime, Franzese managed to build a net worth of nearly $100 million at his peak. In this blog post, we will explore how Michael Franzese built his mafia fortune and reveal his net worth.
The early life of Michael Franzese
Michael Franzese was born on May 27, 1951, in Brooklyn, New York. He grew up in a wealthy family, as his father, John “Sonny” Franzese, was a notorious mobster associated with the Colombo crime family. Michael Franzese joined the mafia at a young age and quickly rose through the ranks, thanks in part to his father’s connections.
Crime life of Michael Franzese
Michael Franzese was involved in various criminal activities during his time with the mafia. One of his primary roles was to oversee the Colombo crime family’s racketeering and extortion operations. He also has been involved in money laundering, illegal gambling, loan-sharking, and stock fraud.
The Gasoline Tax Scheme
One of Michael Franzese’s most successful schemes was the Gasoline Tax Scheme, which involved skimming millions of dollars of gasoline taxes and then laundering the money through legitimate businesses. This illegal practice generated a substantial income for Franzese and his associates.
Consequences confronted by Michael Franzese
Michael Franzese was arrested for participating in illegal activities in 1986 and spent ten years in prison. After his release, he became a prominent motivational speaker and started a legitimate business, Franzese Group LLC. He also cooperated with the FBI and provided information about the inner workings of the mafia.
Michael Franzese’s net worth
When Michael Franzese was at the peak of his criminal career, his net worth was estimated to be around $100 million. However, after serving time in prison, his net worth decreased significantly, and he turned to legitimate businesses to rebuild his fortune.
Michael Franzese’s business ventures
After leaving the mafia, Michael Franzese started a legitimate business, Franzese Group LLC, which offers consulting services to companies and individuals. He also established a restaurant and worked as a screenwriter and film producer.
Michael Franzese as a motivational speaker
Michael Franzese is a motivational speaker and gives talks on his experiences in the mafia, his conversion to Christianity, and his success in the business world. He is also an author and has written multiple books on his life, including “Blood Covenant” and “I’ll Make You an Offer You Can’t Refuse.”
Conclusion
Despite leading a life of crime, Michael Franzese managed to build a substantial fortune. However, his illegal activities ultimately led to his downfall. Since leaving the mafia, he has turned to legitimate businesses and become a prominent motivational speaker.
FAQs
Q1. What is Michael Franzese’s net worth?
A1. Michael Franzese’s net worth was estimated to be around $100 million during his peak in the mafia.
Q2. What was Michael Franzese’s primary source of income in the mafia?
A2. Michael Franzese made the majority of his income through racketeering and extortion operations for the Colombo crime family.
Q3. What was the Gasoline Tax Scheme?
A3. The Gasoline Tax Scheme was an illegal practice that involved skimming millions of dollars of gasoline taxes and laundering the money through legitimate businesses.
Q4. What is Franzese Group LLC?
A4. Franzese Group LLC is a legitimate business founded by Michael Franzese that offers consulting services to companies and individuals.
Q5. What is Michael Franzese’s current occupation?
A5. Michael Franzese is a motivational speaker and author who gives talks on his experiences in the mafia and his success in the business world.