Frank participated in a $500,000 diamond robbery planned by Tony Spilotro. He then reluctantly accepted Tony’s offer to work as an Outfit loanshark, but soon tired of the job and decided to get into commercial burglaries. He joined forces with a couple of guys who would become known as the M&M boys.
Excerpted from CULLOTTA – The Life of a Chicago Criminal, Las Vegas Mobster, and Government Witness
After the jewel robbery Tony tried to convince Frank that he should go to work for the Outfit. Tony said he was making all kinds of money muscling Jews, loansharking, sports betting and running book joints. He made a strong pitch, but Frank wasn’t particularly interested at first.
“Frankie, you’ve got all that money [from the diamond heist] now and you should put it to work for you. The stuff I’m involved in is better than robbing places all the time. Let me show you how to do it,” Tony said.
Frank knew that if he got into Tony’s rackets he’d have to start kicking back money to the Outfit, so he wasn’t overly enthusiastic in his response. “I don’t know. I do alright on my own and I don’t have to answer to anybody else.”
“Listen to me, Frankie. Let me set you up with a few accounts on the street where you can loan your money. You’ll get ten percent a week back in interest. Even after you give the Outfit their cut you’ll make out pretty good. Trust me, I wouldn’t steer you wrong.”
Reluctantly, Frank agreed. “Okay, I’ll give it a try.”
Tony set Frank up with four or five accounts and his money got out on the street. But the new loanshark wasn’t impressed with the business. He constantly had to chase guys to collect what they owed him. After about a year of having to holler, threaten and break some heads, Frank came to the conclusion that loansharking and working in the book joints just weren’t his bag.
He didn’t mind muscling the renegade bookies, but he was tired of tracking down delinquent borrowers and didn’t want to sit by a phone taking bets. He bid Tony farewell and hooked up with a couple of guys to do commercial burglaries. They were Billy McCarthy and Jimmy Miraglia.