A Massachusetts man was indicted for ten felony counts relatedto insurance fraud after being arrested for reinsuring expensivejewelry that had allegedly been stolen.

A Suffolk County Grand Jury returned indictments against DavidFioravanti, 43, of Boston, in connection with the alleged jewelryscam. He was also charged with allegedly defrauding his autoinsurance company by presenting a false registration address.Fioravanti faces charges of motor vehicle insurance fraud (fivecounts); insurance fraud (two counts); larceny totaling more than$250; attempted larceny over $250; and making a false statement ona motor vehicle registration.

In March 2008, the Attorney General's office began aninvestigation after the matter had been referred by the InsuranceFraud Bureau of Massachusetts (IFB). In May 2002, Fioravantipurchased an insurance policy from Chubb Insurance Co. (Chubb) toinsure $63,000 worth of jewelry that he owned. In February 2003,Fioravanti filed a police report claiming that his apartment wasbroken into and that all of the insured jewelry was stolen. One ofthe pieces of jewelry Fioravanti reported stolen was his wife'sengagement ring. Based on this police report, Chubb paid the entire$63,000 claim. None of the stolen jewelry was ever reported to berecovered.

Investigators also discovered that in December 2003, Fioravantipurchased another insurance policy from Vermont Mutual InsuranceCompany (Vermont Mutual) and insured all of the same jewelry heclaimed had been stolen from his apartment in February 2003.Authorities allege that Fioravanti also insured the engagement ringhe claimed was stolen, yet this time he claimed it was worth$10,000 more than what it had originally been appraised at. WhenVermont Mutual learned of the claim Chubb had already paid out toFioravanti, they cancelled his policy. Investigators then learnedthat in October 2004, Fioravanti purchased yet another insurancepolicy from OneBeacon Insurance Company (OneBeacon) for the samejewelry he had listed with Vermont Mutual, plus additional items.OneBeacon then referred the matter to the IFB.

During the course of the investigation, investigators discoveredthat Fioravanti also had motor vehicle insurance policies withArbella Mutual Insurance Company. All of the auto insurancepolicies issued to Fioravanti listed his mother's address inMarshfield as the address where his car is registered. However,authorities learned that Fioravanti actually lives in Boston, andthat he fraudulently registered and insured his automobiles at theMarshfield address. Authorities allege Fioravanti did this in orderto pay lower auto insurance premiums.

Fioravanti's arraignment is slated for November 4, 2008 inSuffolk Superior Court.