Well, the acquisition of circumstantial evidence that would convince a jury in either a perjury prosecution or murder prosecution can be quite a hurdle. Keep in mind that these are pre-RICO days. Showing any benefit would be a very significant challenge. I doubt that they could get an indictment let alone a conviction. The charges against Frankie were manifold and severe. His credibility when it came to implicating Michael would have been impugned.

By being brought before a Senate committee his cover would have been blown and I doubt that the Nevada and NY press would have been mute before or after the Senate hearing. So, he would have been exposed in a any case. Also, I don't think Michael had any license associated with gaming. In fact, I don't know why he would have.