Close Associate of Former Mayor Eric Adams Indicted on Fraud Charges
Zhan Petrosyants, a close associate of former New York City Mayor Eric Adams, has been indicted on charges of insurance fraud. Prosecutors allege that Petrosyants orchestrated a scheme to defraud insurance companies out of millions of dollars through phony medical claims from 2018 to 2023. The fraudulent activities involved using the credentials of licensed medical professionals to submit false claims, with the proceeds laundered through shell corporations. Petrosyants was arrested and faces multiple charges, including conspiracy to commit health care and wire fraud, identity theft, and money laundering. If convicted, he could face up to 60 years in prison.