A Massachusetts man was indicted for ten felony counts related to insurance fraud after being arrested for reinsuring expensive jewelry that had allegedly been stolen.

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

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