According to Lucchese crime family associate turned informant Henry Hill, Asaro was a caporegime in the Bonanno crime family who oversaw the family's interests in JFK airport. Asaro is the nephew of Michael Zaffarano and since the 1970s, controlled a crew in the Queens faction in the crime family.
On January 23, 2014 Asaro was indicted on federal racketeering charges based around the 1978 Lufthansa heist. Controversially, author Daniel Simone, Henry Hill's co-writer of their upcoming book, The Lufthansa Heist, claims that Henry Hill asserted to him that "Asaro had no involvement in the famous robbery." Asaro, however, is also a suspect in the death of Paul Katz (killed 1969) whose remains were found in 2013. Arrested along with Asaro was his son capo Jerome Asaro, acting boss Thomas Di Fiore, acting capo Jack Bonventre, and soldier John Ragano.