Frank Erickson had a head for bookmaking, and "with Luciano, Lansky and other boldface names of elite gangster peerage, he created a national bookie federation linked by phone to his Times Square den," and his Logwood Reality Co. "became a bookie's bookmaker, accepting 'layoff' bets as a hedge for those overexposed from lopsided wagers on a particular horserace or prizefight" as reported by the Daily News.
In a January 8, 1958 memo the FBI provided the following "thumbnail sketch" on the "top hoodlum":
FRANK ERICKSON, was. Frank A. Erickson, Francis Alfred Erickson, Jack Lennon, Harry Richards, Frank Strader
NY file # 92-653
FRANK ERICKSON, FBI No. 1762258, born 11/22/93, NYC, (verified). Resides 610 West End Ave., apartment 11B, NYC, with wife [name redacted]. Subject described by informants as one of the largest betting commissioners in the United States with assets in excess of $2,000,000.00. Subject believed to be owner and sole stockholder of at least four large realty corporations in NYC. Subject convicted of bookmaking and income tax evasion.
Erickson died in 1968 at 72.