after Quintana failed to follow through with several hundred thousand dollars. In 1985, Walters set up a sports management agency with Franzese as a silent partner. At a meeting he agreed to hand over $50,000 in return for a 25 percent interest from the sports agency. Franzese was the president of Miami Gold, a film production company that produced the 1986 film Knights of the City. Indictment and prison In April 1985, Franzese was acquitted of racketeering charges. In another case in December 1985, Franzese was charged in both Florida and New York in regards to counterfeiting and extortion from the gasoline bootlegging racket. In New York, Franzese was one of nine people indicted on 14 counts. In Florida, Franzese was one of 26 people indicted on 177 counts after a 16 month investigation in Florida called "Operation Tiger Tail". Iorizzo, who was already sentenced to five years and ordered to pay $1.7 million for his role in the theft of $1.1 million in gas taxes and placed in the witness protection program, began testifying against Franzese and others in their operation in March 1985. On March 21, 1986, Franzese pleaded guilty to one count of racketeering conspiracy and one count of tax conspiracy. Franzese was sentenced to 10 years in prison and ordered to pay $14.7 million in restitution on the federal charges, agreeing to sell his assets including a mansion in Old Brookville, New York, the Miami Gold production company, and use proceeds from the Knights of the City film. He then reached a plea agreement and was sentenced to nine years in prison for state racketeering charges in Florida which would run concurrently with his previous conviction. He also was ordered to pay an additional $3 million in restitution to the state of Florida. Franzese was subpoenaed to testify at Walters' trial in March 1989, as Walters had invoked his name to frighten college athletes into signing management contracts, including Maurice Douglass. In exchange for his testimony, he was given immunity from prosecution in the Walters case. Walters was found guilty, fined $395,000 and given a sentence of 5 years with the judge in the case citing the importance of Franzese's testimony. After Walters conviction, Franzese was released from prison on parole after serving 43 months. In September 1990, Walter's conviction was overturned by the 7th Circuit Court of Appeals citing a technicality. On December 27, 1991,