An Atlantic City man admitted Tuesday in federal court to staging a fake robbery of a pawnshop to defraud the insurance company.
Salvatore “Sam” Piccolo — identified as a member of the La Cosa Nostra organized crime family — also pleaded guilty to distributing 216 grams of methamphetamine and one count of wire fraud, U.S. Attorney Craig Carpenito announced.
Piccolo, now 67, and another man entered the Union County pawnshop April 19, 2014, according to documents in the case. The other man showed a handgun while Piccolo, wearing a nylon mask, chained the front doors shut.
The owner was bound to make the crime look real, according to the complaint. Piccolo and the unnamed accomplice then looted the safe, taking what the owner reported was about $60,000 in cash, several pieces of jewelry and a handgun.
The owner successfully submitted a fraudulent claim for $174,000.
Piccolo also admitted selling methamphetamine to an undercover FBI agent three times.
Lab tests found the drug to be 99 percent pure, Carpenito said.
The distribution of methamphetamine carries a sentence of 10 years to life in prison and a $10 million fine. Wire fraud charge carries a maximum of 10 years in prison and a fine of $250,000.
Piccolo is set to be sentenced July 18.
