Eric Adams Power Broker Says He’s the Victim in Multi-Million Insurance Scam

In the months leading up to Eric Adams' election as mayor of New York City, his close friend and Brooklyn attorney Frank Carone was actively building up a company designed to offer cash advances to doctors anticipating substantial payouts from no-fault car accident insurance claims. Carone's firm, Finance Vision Capital Group II, relied on a team of recruiters to identify doctors interested in joining the program. Among those who signed on were Carone's longtime friend, Zhan "Johnny" Petrosyants, and two of Petrosyants' associates, Vladislav "Vlad" Stoyanovsky and Dmitriy "Dima" Khavko.

Over the past week, all three of these individuals have been indicted on charges of running a massive no-fault insurance fraud ring that utilized Carone's finance company. Carone, who has not been charged with any wrongdoing, has not responded to repeated requests for comment from THE CITY, though his lawyers have previously stated that he had no involvement with Finance Vision Capital once he entered City Hall in 2022.

Federal prosecutors have charged Petrosyants, Stoyanovsky, and Khavko with their roles in the multi-million-dollar insurance scam. Petrosyants, a longtime friend of former Mayor Eric Adams, has been implicated in the fraud. In a statement, Carone's lawyers, Russell Capone and Andrew Goldstein, said, "As Frank and Finance Vision have long maintained, they are victims of this fraud, which cost them millions of dollars. Indeed, as the indictment makes clear, funds from Financial Vision often did not reach the doctors they were intended for but were instead stolen."

The indictments of Petrosyants, Stoyanovsky, and Khavko are the latest developments in a series of legal troubles for members of Eric Adams' professional and social circles. Federal and state prosecutors have already targeted Adams' former chief advisor, Ingrid Lewis-Martin, and Jesse Hamilton, a longtime political ally. The ongoing investigations have cast a shadow over Adams' administration and raised questions about the extent of his connections to those implicated in these scandals.

As the case unfolds, it remains to be seen how deeply Adams and Carone are entwined with the fraud ring. While Carone maintains his innocence and claims to be a victim, the indictments of his associates have raised concerns about the legitimacy of Finance Vision Capital Group II and the role Carone played in its operations. The investigation is expected to delve deeper into the inner workings of the company and the extent of its involvement in the insurance fraud scheme.

The multi-million-dollar insurance scam not only threatens the reputations of those involved but also underscores the challenges faced by law enforcement and prosecutors in dismantling complex fraud networks. As the case progresses, it will be crucial to determine the full scope of the fraud and ensure that those responsible are held accountable. The involvement of high-profile figures like Eric Adams and his close associates has drawn significant public attention to the case, highlighting the need for transparency and thorough investigation.

In the meantime, the legal battles continue, with federal and state prosecutors working to build their cases against those charged with participating in the insurance fraud ring. The outcome of these proceedings will likely have far-reaching consequences for those implicated, as well as for the political landscape of New York City. As the case develops, it will be important for all stakeholders to remain vigilant and ensure that justice is served.