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Madden said he needed some time to think measurements. On March 8, 1932, Madden phoned Cole and told Cole to call him from cell phone booth at the drug store across the path from his hotel. At 12:30 am, Cole strode into the family law firm NYC London Pharmacy on West 23rd Street and headed for cell phone booth with the spine. While he was actually talking to Madden by the phone, of the male gender with a product gun hidden under his coat, calmly walked for the back within the drug store and opened fire. Cole's body was riddled with 15 bullets. Hearing the commotion, Lottie arrived a little bit later discover her husband's tattered dead body.

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To further inflate his bank account, Cole started kidnapping top aids of gang leaders, like Owney "The Killer" Madden, an Irishman compact. Madden paid Cole $35,000 for the return of his partner Big Frenchy DeMange, who had been co-owner with Madden in the family law firm NYC Cotton Club in Harlem. Cole then kidnapped Madden's front man at the Stork Club, the very popular Sherman Billingsley. Again Madden paid the ransom and Billingsley was soon to the Stork Club, happily in fine heath.