He bid up the price of medallions and borrowed against them. When their value plummeted, immigrant cabbies were left deep in debt.
Source: New York Times
Gene Freidman, ‘Taxi King’ Who Upended His Industry, Dies at 50
Published in Deaths (Obituaries), Frauds and Swindling, Freidman, Evgeny A, New York City, Tax Evasion, Taxi and Limousine Commission and Taxicabs and Taxicab Drivers
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