Frank Costello, an Italian American Mafia gangster and crime boss, is remembered as one of the most influential figures in organized crime history. Known as “The Prime Minister of the Underworld,” Costello’s criminal empire generated immense wealth. This article explores how much Frank Costello earned, the various sources of his income, and provides a detailed analysis of his overall wealth, delving into the nuances and historical context of his criminal activities.
Who Was Frank Costello?
Frank Costello, born Francesco Castiglia on January 26, 1891, in Cassano allo Ionio, Calabria, Italy, rose to prominence as a Mafia boss in the United States. Costello’s journey from an immigrant child to one of the wealthiest and most powerful criminals in history is marked by his strategic acumen and political influence. He led the Luciano crime family, later known as the Genovese crime family, one of the Five Families that dominated organized crime in New York City.
Early Life and Criminal Beginnings
Costello immigrated to the United States with his family in 1895, settling in East Harlem, New York. His early years were shaped by the rough streets of the city, where he quickly became involved in gang activities. By his teens, Costello had joined the Morello gang, engaging in petty crimes and bootlegging during Prohibition. His partnership with Charlie “Lucky” Luciano marked the beginning of his rise in the Mafia hierarchy.
Rise to Power
Frank Costello’s ascent in the world of organized crime was facilitated by his association with Luciano and his strategic approach to business and politics. During Prohibition, Costello expanded his operations, running bootlegging enterprises and developing a vast gambling network. His ability to maintain a low profile while exerting significant influence earned him the nickname “The Prime Minister of the Underworld.”
Costello’s political connections were a key factor in his success. He cultivated relationships with politicians, judges, and law enforcement officials, ensuring protection and favorable conditions for his operations. This blend of crime and politics allowed Costello to operate with a level of impunity that few criminals achieved.
Sources of Income
Gambling Operations
A major source of Frank Costello’s income was his extensive gambling operations. He controlled numerous casinos, slot machines, and bookmaking operations, both legal and illegal. His gambling empire extended beyond New York City to other parts of the United States, generating substantial revenue. At the peak of his power, Costello’s gambling ventures were reportedly generating the equivalent of $60 billion annually (adjusted for inflation).
Bootlegging and Prohibition
During Prohibition (1920-1933), Costello capitalized on the lucrative bootlegging business. He smuggled alcohol into the United States and distributed it through a network of speakeasies and illegal bars. This period was highly profitable for Costello and other organized crime figures, as the demand for illicit alcohol soared.
Real Estate and Investments
Costello also invested in legitimate businesses and real estate. He owned nightclubs, restaurants, and other businesses that served as fronts for his illegal activities. These investments helped him launder money and further increase his wealth. His legitimate business ventures provided a veneer of respectability that helped shield him from law enforcement scrutiny.
Political Corruption and Influence
Costello’s ability to influence politics and law enforcement was another significant source of income. He used bribery and corruption to secure contracts, protect his operations, and avoid prosecution. This political influence not only safeguarded his criminal enterprises but also opened up new opportunities for profit.
Wealth and Lifestyle
At the height of his power, Frank Costello’s net worth was estimated to be around $1 billion (adjusted for inflation). His wealth allowed him to live a lavish lifestyle, characterized by luxury homes, expensive cars, and high-end social circles. Despite his criminal background, Costello was known for his sophisticated demeanor and often mingled with New York’s elite.
Legal Troubles and Decline
Despite his efforts to maintain a low profile, Costello’s criminal activities eventually attracted the attention of law enforcement. In 1951, he was targeted by the U.S. Senate’s Kefauver Committee, which was investigating organized crime. His testimony, during which he famously kept his face hidden from cameras, further cemented his notoriety.
In 1957, Costello survived an assassination attempt orchestrated by rival mobster Vito Genovese, who sought to take control of the family. This incident marked the beginning of Costello’s decline. He eventually retired from active involvement in the Mafia, passing control to Genovese. In 1961, the U.S. Supreme Court upheld a decision that stripped Costello of his U.S. citizenship, but a deportation order was set aside.
Death and Legacy
Frank Costello passed away from a heart attack on February 18, 1973, at the age of 82. His death marked the end of an era for the American Mafia. Costello’s legacy is complex, reflecting both his significant contributions to organized crime and his ability to navigate the worlds of crime and politics with remarkable skill.
Nuances and Historical Context
Frank Costello’s story is emblematic of the broader narrative of organized crime in the early to mid-20th century. His rise to power during Prohibition, his strategic use of political influence, and his ability to maintain control over vast criminal enterprises illustrate the intricate dynamics of the Mafia.
Historically, the Mafia’s involvement in politics and legitimate businesses was a defining characteristic of their operations. Costello’s success in blending crime with political influence set a precedent for future crime bosses. His ability to operate with relative impunity for much of his career highlights the challenges law enforcement faced in combating organized crime.
Conclusion
Frank Costello’s estimated net worth of $1 billion at the time of his death underscores his significant impact on organized crime. His income sources, including gambling operations, bootlegging, investments, and political corruption, reflect the diverse and lucrative nature of his criminal empire. Despite his eventual decline and legal troubles, Costello’s legacy as “The Prime Minister of the Underworld” endures, offering valuable insights into the complex interplay between crime, politics, and business.
