Schultz was chased out of New York by Thomas E. Dewey to Newark, New Jersey in the early 1930s. Schultz wanted to have Dewey assassinated, but other gangsters, like Albert Anastasia worried about publicity. Schultz was killed by members of Anastasia's gang in 1935 in the Palace Bar in Newark.
Schultz was born Jewish, but converted to Catholicism shortly before his death.