Palermo's partner was Mafioso Frankie Carbo, a soldier in New York's Lucchese family who had been a gunman with Murder, Inc.

[1] Known as "Blackjack", Fox started off his career in a fashion reminiscent of the rise of heavyweight champ Primo Carnera (owned by mobster Owney Madden) and of future welterweight champ Johnny Saxton (whose contract was owned by Palermo) by winning 36 consecutive fights, all by knockout, before he was knocked out by Gus Lesnevich for the world light heavyweight title.

On June 4, 1954, Los Angeles-based heavyweight boxer Clarence Henry, who was managed by Palermo, was arrested in New York City for attempting to bribe Oakland, California middleweight Bobby Jones to throw his June 11 Madison Square Garden match with Joey Giardello.

Henry allegedly offered $15,000 (equivalent to approximately $170,186 in today's funds[4]) to Jones to throw the fight.

Once the third-ranked heavyweight contender, Henry was released after posting $2,000 bail and subsequently retired from the ring.

[5] A future middleweight champion, Giardello was blocked from a shot at the title by Palermo and the underworld figures who controlled the sport in the 1950s and early '60s.

[6] Saxton lost his first pro bout to Gil Turner in 1953, dropped a decision to Del Flanagan and drew against Johnny Lombardo.

"[8] Saxton lost his title the following year via technical knockout to Tony DeMarco, then won it back in 1956 with an upset win over Carmen Basilio, another fight that was thought to be fixed.

A statement issued in 1955 declared: "Since my first professional fight in 1949 Frank Palermo has been my manager, friend, and adviser.

While being treated at a state mental hospital after being arrested for robbery in his retirement, he said, "I was supposed to have got big money from fighting on TV, but I never saw it.

In 1960, Palermo and Carbo, who had just been released from jail after serving time for managing boxers without a license, were subpoenaed to appear before Senator Estes Kefauver's investigation committee into Mob control of boxing.

[14] The following year, 1961, Palermo and Carbo, along with Los Angeles mobsters Joseph Sica and Louis Dragna, were charged with conspiracy and extortion against National Boxing Association Welterweight Champion Don Jordan.

After a three-month trial, in which U.S. Attorney General Robert F. Kennedy served as prosecutor, Carbo and Palermo were convicted in May 1961 and sentenced to 25 years in prison.

[17] By the late 1970s, Palermo was working with young fighters at the Montgomery County Boys' Club in suburban Philadelphia.

On March 13, 1978, he withdrew his request to the Pennsylvania State Athletic Commission for a manager's license in connection with the boys' club due to what his lawyer alleged to be harassment by the "awesome power of the press".