What is Ugatz?
1.
Ugatz is derived from the Italian "u casso", literally translated as "this penis". The accompanying gesture involves dramatically lowering both hands, palms flat and facing outward, toward one's crotch. The term is used to signify a challenge to another in a variety of scenarios (see example below).
I'll never go to jail -- the DA doesn't have "ugatz" on me that will stand up in court.
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2.
An Italian-American slang from the Italian "u casso" meaning balls, nothing, cock, dick.
A: First day at the job but I know this job like the back of my hand.
B: You know ugatz.
Your wife has a nice demeanor.
She's got ugatz.
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3.
Italian slang for "bullshit". Common synonyms include pants, bollocks, horseshit, etc.
Clemenza promised them ugatz.