19 August 2024 , 19:35
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Michael Franzese had plans of becoming a doctor but ended up running a scam that made him a more successful mob boss than Al Capone
From medical student to mafia member, Michael Franzese served as a caporegime in the Colombo crime family. After running the biggest money making scam "since prohibition" during his stint in the mafia - the gas station tax, it all came crashing down and Michael spent years in prison.
The dad-of-seven was making roughly "$10m a week" over seven years by collecting gasoline taxes using shell companies based in Panama. Once enforcement agents attempt to collect the tax from the dummy company, it declared bankruptcy and the daisy chain would continue between 1985 and 1992.
The scam earned him the accolade of being one of the biggest money earners for the mafia since Al Capone. Afterwards, he rebuilt his life outside of prison as a motivational speaker and TV personality.
Since leaving that chapter of his life behind, he also became a best-selling author of books including ‘I’ll Make You an Offer You Can’t Refuse’ which lifted the lid on some insider business tips that can be learnt from the mob lifestyle.
@steven During my conversation with Michael Franzese, he opened up about how he was making the mafia over $10 million a week during the height of his career ???? Crazy numbers!! #podcast #podcastclip #clips #trailer #mafia #mob #money #moneytok #mobster #interview #story #storytime #business #didyouknow #nyc #newyork ♬ Paris - 3Hzwave
Sitting down with Steven Bartlett on his ’Diary of a CEO’ podcast, Michael explained how he entered the criminal life in the footsteps of his father John Franzese who was a high ranking ’underboss’ of the Colombo family. The 73-year-old explained how one certain mafia tactic could be applied to ’civilian’ businesses that he claimed was "tremendous" in any business negotiation.
He said: "There’s sometimes you can walk into a room and be the smartest person in the room - you don’t want anyone to know that, you want people to just talk. Throw them a bone so that they’re going to come back and talk so you can learn the personality of the person.
Former New York mobster/captain of the Colombo crime family Michael Franzese with his wife Camille Franzese. ( Image: Photo by Angela Weiss/WireImage via Getty Images)
"You can learn so much from people just when they talk and you can keep quiet. There’s other times when you’re not the smartest person in the room - and by keeping quiet nobody knows that.
"It’s a tremendous technique and in that life it was extremely valuable for me. I was always the last guy to talk. It helped me master that art because you had these guys [in the mafia] that were very smart. If they hadn’t been successful in that life, they’d have been somewhere else."