Area men admit to running gambling, extortion ring

Joseph Yerardi, 62, of Newton, Anthony Corso, 51, of Cambridge, and Michael Burke, 45, of Winthrop, pleaded guilty in federal court yesterday to charges that they ran an illegal gambling and extortion ring for a year, the US Attorney's office in Boston reports.

If a judge approves the plea deal, Yerardi will be sentenced to eight years in federal prison on what would be his third racketeering conviction since 1995. Corso would get five years in prison and Burke up to 26 months. Yerardi has already spent 17 years in federal prison on earlier convictions.

The three would also have to forfeit a total of $430,000 in cash and 30 watches - including 14 Rolexes, 5 Patek Phillipes and 1 Bulgari.

According to the US Attorney's office:

The defendants were involved in a large bookmaking business that made hundreds of thousands of dollars and used threats or other extortionate means to collect debts. Among other things, a debtor reported that Yerardi threatened to stab the debtor “twenty times” for not paying a gambling debt. Corso threatened another debtor by saying he would “smash your [expletive] head off the car”.