Caponigro was born in Chicago, Illinois on June 22, 1912. He operated out of the Ironbound neighborhood of Newark, New Jersey. As a made member of the Philadelphia crime family in the 1950s and 1960s he became a recognized crime figure after being identified by mob turncoat Joseph Valachi in 1963. During that time he served under capo Riccardo Biondi. He was the son of a banana merchant who owned and managed a stand at the Italian Market, otherwise known as the South 9th Street Curb Market; this is why he earned the nickname "Tony Bananas".