Ferrara was a Brooklyn guy and one of the biggest numbers operator in the New York Metropolitan area. He run his bank in partnership with Carlo Gambino. He was also big in the jukebox and cigarette vending machine business. He was probably a loanshark too. Good earner. Very close to Gambino. His legit front was The Bell Fuel Company which offices were located at Coney Island Avenue in Brooklyn. Ferrara was indicted in 1964 on charges of murder (Alfred Santantonio killing) but skipped bail and was a fugitive for almost a year before apprehended. He was later acquitted of the murder charge, thanks to Jimmy Failla who according to an informant "was engaged in the accumulation of documentary evidence to support a motion to dismiss the charges". Jimmy Brown was a Ferrara crew member and acting skipper at that time.

If memory serves, Ferrara was indicted again in 1968. This time for conspiracy to murder. The charges stemmed from a secretly planted bug in Mike Scandifia´s headquarters and picked up conversations of hitting guys. I think some of the transcripts can be found on the net, I´m sure I´ve read them. But the indictment was dismissed due to the bugging had been conducted illegally. Scandifia disappeared a year later, most probably murdered. Ferrara died a natural death in 1969. His crew was taken over by Toddo Aurello.

His father, Joseph was most likely a Gambino member too.