Norris resigned as president of IBC of New York in favor of Truman Gibson and the IBC was bought by the Garden and operated as a wholly owned subsidiary.
Two years later, Mr. Gibson and four co-defendants – Frankie Carbo, once described by the New York district attorney's office as "the underworld czar of boxing", Louis Tom Dragna, Joe Sica, and Frank Palermo – were convicted in federal court of conspiracy and extortion in an effort to siphon off earnings from the welterweight champion Don Jordan.
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In 1959 Dragna was arrested with mobsters Joe Sica, John "Frankie" Carbo, Frank "Blinky" Palermo, and Truman Gibson for extorting Jackie Leonard the manager of boxing champion Don Jordan in 1958.