Although Wallace, a Jacksonville, FL native, had a respectable record as a professional (20-7-0), his claim to fame came in 1948 when, as an amateur, he once defeated in a very close split decision future heavyweight champion Rocky Marciano in the finals of the New York Golden Gloves Tournament. The decision was not welcomed by crowd and many considered it drawn. Wallace fought Ezzard Charles in his professional career, among others.
Wallace's contract was "owned" under the table by the notorious Frank "Blinky" Palermo, a member of the Philadelphia crime family. Palermo was imprisoned in 1961 for conspiracy and extortion for the covert ownership of prizefighters.[1]
After boxing career, Wallace acted in four movies, twice portraying the boxer Joe Louis.
