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Something that's fake. Something that doesn't exist in any way, shape or form. It's made up.
Mark Hanna: You know what a Fugazzi is?
Jordan Belfort: Fugazzi.. yeah, it's a fake..
Mark Hanna: Faguzzi, fugazzi, it's a whazzie, it's a whoozie.. it's a.. fairy dust. It doesn't exist. It's never landed. It's no matter, it's not on the elemental chart. It... it's not fucking real!
Jordan Belfort: Riiight lolz

(from The Wolf of Wallstreet)
by ezekwail March 19, 2014
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Maeaning: Fo’get A “Bout it! Don’t mention it again!

French Canadian mostly used like a Boston Mob Slang as a pun or retort to focus on a bigger picture ~ I.e.
“Hey, you got his brains all over my shoes! “
FugazZi “~~” Think he minds getting a new pair, you? “.
by Hoppinnpoppin May 21, 2018
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