Green’s Dictionary of Slang

1. a euph. for fucked up adj.

1981		M. Baker Nam (1982) 25: We didn’t know anything was fugazi until we got to a certain place in the South China Sea.
2003		Wikipedia.org 🌐 The U.S. Army, like any bureaucratic organization, produces its own acronyms, which often come to have meaning beyond their bare expansions. Slang acronyms include: [...] FUGAZI – Fucked Up, Got Ambushed, Zipped In.

2. fake, artificial, false; also as n.

1987		(con. 1970s) J. Pistone Donnie Brasco (2006) 83: ‘That broad wouldn’t have no fugazy diamonds in her house. We had information the broad didn’t have no fake jewelry. It’s three fucking carats!’ ‘It’s a fugazy,’ I said.
1995		S. Moore In The Cut 63: I have many more words for the dictionary [...] fugazi, phony.
2010		(con. 1973) C. Stella Johnny Porno 41: The mopes might figure out they’re fugazy.
2012		‘Dutch’ ? (Pronounced Que) [ebook] He couldn’t be the same nigguh who took out the fugazzi robbery charge, could he?
2016		Jeezy ‘All There’ 🎵 You claim that you the realest when your watch fugazi / Show me whose your jeweler man.
2017		D. Winslow The Force [ebook] All that shuck and jive in the cemetery [...] It was a fugazy — a front to get me whacked.