Using a shipment of hair as security, he obtained a loan amounting to U.S.$1000,000 from 22 banks in 1913. The shipment of hair was later revealed in an investigation to be worth only U.S.$250.
The Musica family was arrested at New Orleans just as they were embarking a ship bound for Honduras. Philip Musica pleaded guilty, absolving his father and the remainder of the family of the guilt.
He was sentenced to three years imprisonment, but by aiding the authorities to straighten out the finances involved in the fraudulent deal he received a suspended sentence.
Using the name of Johnson, he aided the U.S. District Attorney in 1920 in obtaining evidence for a murder case. Later he was subpoenaed for perjury, but was not tried.
Text read from the printed page and cleaned; old type leaves the occasional error.