Good guess, but I think what you are referring to is in the movie Stroker Ace, with Burt Reynolds, Jim Nabors, Parker Stevenson and Ned Beatty in it. Also Loni Anderson. The gist is, Burt sends his mentor, the man who taught him to drive race cars, to Beatty in a scam to be released from his contract. Can't remember the actor's name, but he played John Byner's father in the movie. Hope that helps.
That is an interesting idea. I saw the movie when it came out but have no specific memory about any details. It's certainly possible.
Still, I think it may have come from a movie without major names in it, and may also have had as a basic plot some young people becoming fake Mafioso and barely skimming along by the skin of their teeth in some major caper.