The man known as the Taxi King arrived at his 2014 holiday party in a $384,000 Ferrari, wearing a custom Italian suit. Five years later, that man, Evgeny A. Freidman, stood in a mostly empty courtroom in Albany, N.Y., as a judge sentenced him to probation for tax fraud. In a hushed voice, he said he had lost everything . “I’m trying to be remorseful and understanding for anybody I might have harmed,” he told the judge at the hearing in October. “I’m very humbled by what has happened.”For more than a decade, New York taxi industry leaders got rich by creating a bubble in the market for the city permits, known as medallions, that allow people to own and operate cabs.

Source: New York Times December 05, 2019 07:52 UTC