The most common and most likely answer to this crossword clue is the 7 letter word MAFIOSO
M
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F
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O
More clues leading to the result MAFIOSO
- Wise guy raising family — joyous cry — well
- Gangster in Sofia, corrupt in a short time
- So if American returns, ring mobster
- Gangster and ex-chairman thus provided backing internally
- Gangster thus provided backing in communist
- Communist dictator’s embraces provided revolutionary love for family member
- Gangster family turning up: Italy soon almost devastated
Buddy explains!

The straight part
We know that "Wise guy" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case wise guy = mafioso.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does MAFIOSO mean?
MAFIOSO noun- A member of the Mafia.