Michael Franzese, a name synonymous with organized crime, has a storied past that intertwines with the infamous Colombo crime family. Born on May 27, 1951, in Brooklyn, New York, he is the son of John “Sonny” Franzese, a reputed underboss of the Colombo family. Michael’s life took a dramatic turn when he dropped out of college to support his family after his father’s imprisonment. This decision led him down a path that would see him rise to prominence within the mafia, ultimately earning him a place on Fortune Magazine’s list of the “Fifty Most Wealthy and Powerful Mafia Bosses” in 1986.
Franzese’s net worth is estimated to be around $1 million as of 2024. This figure reflects the financial fallout from his criminal activities, legal troubles, and subsequent career changes. At the height of his criminal career, he was involved in gasoline bootlegging schemes that reportedly generated up to $8 million per week. However, his life took a turn when he was indicted on multiple charges, leading to a lengthy prison sentence and significant financial restitution.
After serving time, Franzese reinvented himself as a motivational speaker and author, sharing his experiences and lessons learned from a life of crime. His journey from mobster to motivational speaker is a testament to his resilience and ability to adapt to changing circumstances.
Early Life and Criminal Involvement
Michael Franzese’s early life was marked by the shadow of organized crime. Growing up in Brooklyn, he was surrounded by the influences of his father’s criminal connections. Initially enrolled in a pre-med program at Hofstra University, he dropped out to help support his family after his father’s incarceration. This decision marked the beginning of his involvement in organized crime.
Franzese was inducted into the Colombo crime family in 1975, taking an oath of loyalty that would bind him to a life of crime. He quickly rose through the ranks, becoming a caporegime and overseeing a crew of 300. His most notorious scheme involved defrauding the federal government out of gasoline taxes, which became a significant source of income for him and the Colombo family.
Gasoline Bootlegging and Wealth Accumulation
In the early 1980s, Franzese partnered with the Russian Mafia to implement a complex scheme that involved selling gasoline tax-free through a series of dummy companies. This operation was so lucrative that it accounted for a substantial portion of the gasoline sold in the New York metropolitan area. At the peak of this operation, Franzese claimed to have made as much as $1 million per week.
Despite his wealth and power, Franzese’s criminal activities caught up with him. In 1986, he was indicted on multiple charges, including racketeering and tax conspiracy. He ultimately pleaded guilty and was sentenced to ten years in prison, along with a hefty restitution order of $14.7 million. This marked a significant turning point in his life, leading to his eventual departure from organized crime.
Life After the Mob
Upon his release from prison in 1994, Franzese sought to distance himself from his past. He moved to California with his family and began a new chapter as a motivational speaker and author. His autobiography, “Quitting the Mob,” published in 1992, detailed his experiences in organized crime and his journey toward redemption.
Franzese has since become a prominent speaker, sharing his story with audiences across the country. He emphasizes the dangers of a life of crime and the importance of making positive choices. His transformation from a notorious mobster to a motivational figure has resonated with many, particularly young people seeking guidance.
Current Ventures and Legacy
In addition to his speaking engagements, Franzese has ventured into various business endeavors. He co-founded a national franchise of pizza restaurants called “Slices Pizza” and launched a line of Armenian wines under the brand “Franzese Wines.” He has also made appearances in documentaries and films, further solidifying his status as a public figure.
Franzese’s YouTube channel, which features storytelling, interviews, and commentary on mafia-related topics, has garnered a significant following, with over 1.3 million subscribers as of 2024. His ability to connect with audiences through various platforms showcases his adaptability and willingness to share his story.
Conclusion
Michael Franzese’s life is a compelling narrative of crime, punishment, and redemption. With a net worth of $1 million, he has navigated the complexities of his past while building a new identity as a motivational speaker and entrepreneur. His journey serves as a cautionary tale about the consequences of a life of crime and the potential for transformation.
FAQs
What is Michael Franzese’s net worth?
As of 2024, Michael Franzese’s net worth is estimated to be around $1 million.
What was Michael Franzese’s role in the Colombo crime family?
Michael Franzese was a caporegime (captain) in the Colombo crime family, overseeing a crew involved in various criminal activities, including gasoline bootlegging.
What is Michael Franzese doing now?
After leaving organized crime, Michael Franzese has become a motivational speaker, author, and entrepreneur, sharing his story and lessons learned from his past.
How did Michael Franzese make his money?
Franzese made significant money through illegal activities, particularly gasoline bootlegging, which generated millions in revenue before his legal troubles led to his imprisonment.
Has Michael Franzese written any books?
Yes, Michael Franzese has authored several books, including “Quitting the Mob,” which details his life in organized crime and his journey toward redemption.