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.

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

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

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

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