Vincent Esposito pleaded guilty at a New York court Wednesday to conspiring to commit racketeering offenses with members and associates of the Genovese Crime Family.
The 51-year-old son of the late Vincent Gigante is alleged to have conspired with other members and associates of the mob to commit a wide range of crimes including multiple acts of extortion, honest services fraud, JetBlack and bribery between 2001 and 2017.
He agreed in the 15-minute Manhattan court hearing to forfeit the more than $3.8million seized by the FBI as criminal proceeds resulting from the offense.
Vincent Esposito entered a guilty plea on racketeering charges Wednesday morning
The on of Vincent Gigante , 51, was in a New York City courtroom for a 15-minute hearing
Vincent 'Chin' Gigante (center) is escorted by two men (Esposito pictured right) from his car to a Manhattan apartment 25 July after being convicted of murder, conspiracy and racketeering
The money was obtained throughout the residence when they executed a search warrant on his home.
They also found an unregistered handgun, ammunition, brass knuckles, and lists of made members of the Genovese Crime Family in the Upper East Side townhouse belonging to his mother Olympia.
He has been on house arrest for the past year.
Esposito - whose mother was mafia boss Gigante's long-term mistress - faces between 24 and 30 months in prison in the deal which came about two months before the trial begins June 17.
Racketeering carries maximum sentence of 20 years but Esposito is expected to get to up to 30 months in prison on July 10
His guilty plea came two months before the union shakedown trail begins on June 17
FBI seized $3.8million during Upper East Side four-floor home arrest in January 2018 and he has forfeited the cash
Racketeering carries a maximum sentence of 20 years behind bars.
Esposito was often pictured with his father - who died in prison in 2005 - as he went to court for his own criminal proceedings in 1997. Before that Gigante was a mafia boss for two decades.
Esposito's own nephew Vincent Fyfe, 45, the son of his half-sister from his father's wife - also named Olympia - is alleged to have been a key informant.
The FBI and New York Police Department accuse Gigante's lovechild of directing the long-running extortion of a union official for annual tribute payments of over $10,000.
Union official co-defendant Vincent D'Acunto previously pleaded guilty to conspiracy to commit racketeering.
Gigante (center) is escorted by two men (Esposito pictured left) to a waiting car 23 July on his way to attend court in his federal racketeering trial in Brooklyn, New York
Gigante (center) is helped to his limousine June 26, 1997 as he leaves a Manhattan townhouse on his way to Brooklyn Federal Court. Esposito is pictured left
It's claimed Esposito had lower-ranking members of the enterprise collect money and convey threats on his behalf.
In a second extortion scheme, co-conspirators are alleged to have extorted a different union official and a financial adviser for a cut of commissions made from union investments.
Another co-defendant, Frank Cognetta, is alleged to have engaged in various schemes to defraud his union of his honest services.
He's accused of soliciting and accepting bribes and steering union benefit plans into investments in exchange for kickbacks, which resulted in more than $1million in unlawful payments.
Cognetta also pleaded guilty to conspiracy to commit racketeering at an earlier date.
RELATED ARTICLES
Previous
1
2
Next
Former Luchese family boss turned informant Alfonse 'Little... FBI arrest Genovese mobster, 61, named 'Johnny T' over 1997...
Newly colorized images bring the chilling faces of America's...
Share this article
Share
Frank Cognetta (left) is a union member co-defendant. Esposito's nephew Vincent Fyfe (right) reportedly was an informant. They are pictured with union member George Orlando (center), who has not been charged
Charges are pending for defendant, Steven Arena (left) and union official co-defendant Vincent D'Acunto (right) previously pleaded guilty to conspiracy to commit racketeering
Charges are pending for a further two defendants, Steven Arena and Frank Giovinco.
'The shakedown of union officials, racketeering and extortion may sound like throwback behavior of mobsters who operated decades ago,' FBI Assistant Director William F. Sweeney Jr. said in a statement.
'However, the bread and butter of the mafia is to make money, so the illegal enterprises they've always engaged in are being used even in the modern era.'
Esposito's sentencing is scheduled for July 10.
Gigante is carried to a waiting rental car July 26, 1997, after flying into North Carolina from New York to turn himself into the Federal Prison in Butner
Gigante was a mafia boss for two decades. Right, he is arrested August 20, 1957 in New York