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Citibank Sues Taxi King Gene Freidman over Asset Dispute

Posted by NYCYellowCabTaxi.com on November 13, 2015

Gene Freidman-4cfaf6f26071026214a762a445c4ea60b06018b4-s900-c85
Bank claims Gene Freidman transferred $70 million worth of real estate to hide assets from creditors

Known as the New York City “Taxi King”, Evgeny (Gene) Freidman has been sued by Citibank N.A., claiming that he hid $70 million in real estate properties from them and other creditors while they were attempting to collect on unpaid loans.

In March 2015, Citibank tried to seize approximately 90 of Freidman’s taxi medallions in order to recover just part of the $31 million of debt that has remained unpaid.  At that time, Freidman agreed to a confidential agreement with Citibank that pushed off any property seizures until June 2015.

Over the next couple of months, the Taxi King then transferred $70 million of real estate properties into separate offshore trust funds.  While he claimed that he transferred this property into trusts as part of estate-planning to help his children, Citibank did not take lightly to the news.

Once Citibank learned of the movement of property, they filed a lawsuit against Freidman in order to stop him from moving any additional assets that the bank could seize to pay against the large amount of debt owed.

“Freidman’s actions epitomize the type of wrongful conduct that this court can, and should, set right,” Citibank officials said.

“The reason we are in this position is simple: We extended loans to Mr. Freidman’s businesses, they defaulted on them, and he has repeatedly refused to make a good-faith effort to work with us to resolve the matter,” Citibank spokesman said.

In response to the suit, Freidman’s lawyers claim that there wasn’t anything secretive or improper about his conduct.

Earlier in the year, a judge declared that Citibank could seize the taxi medallions unless the Taxi King posted a $50 million bond.

In July 2015, Freidman filed for Chapter 11 bankruptcy protection for 22 companies that collectively own 46 medallions.  “The filing was necessary to protect the medallions and the companies from aggressive litigation pursued by Citibank NA to seize the medallions,” said a statement on behalf of Freidman.

The argument from Freidman is that if Citibank seized the medallions and then sold at a decreased price, it could cause a shift in devaluation of all the taxi medallions – including those not owned by him.  He advised that altering the pricing of the historically financially-sound medallions could cause a collapse of the whole taxi industry.

By Samantha

YellowCabNYCTaxi.com Staff Writer

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15 thoughts on “Citibank Sues Taxi King Gene Freidman over Asset Dispute”

  1. Haava on November 14, 2015 at 12:28 am said:

    City must sell new medallions to drivers with reasonable prices .its a big mistake to sell it individual who dont drive them .if you own it you drive it

  2. meter peter on November 14, 2015 at 3:16 am said:

    Prices are reasonable now. They may never be this low again.

  3. Anonymous on November 14, 2015 at 5:22 am said:

    Medallion prices will go lower and lower!!! I guarantee.
    Mark my words,i know for a fact!!!

  4. neronero on November 14, 2015 at 8:51 am said:

    no info so far on whether any Parisian taxi drivers
    were killed in attacks.

    Maybe as whipping boys they wouldn’t be important enough.

  5. neronero on November 14, 2015 at 8:53 am said:

    What’s the thing with the site where the screen
    goes off to the right?

    U boot up, and you only get half a screen to the right, and it goes to full screen, then half screen, losing quite a bit of material.

    U can use the arrows to center it again, but it doesn’t stay there. Some kind of unpleasant problem.

  6. Taxi Driver on November 14, 2015 at 11:59 am said:

    Check this out regarding prices taxivault.com

  7. meter peter on November 14, 2015 at 3:19 pm said:

    I went to taxivault. Interesting site. No really new info there but a good site especially for those who haven’t kept up. Thanks for the info. I bookmarked it and will visit it many times. Uber baby.

  8. atm on November 15, 2015 at 11:23 am said:

    I have to sue woodside management for my money.

    Does anyone can give me Mr. Friedman’s email so I can shot him a email before going to court. I just want to give it a try to resolve my issue before take it to court.

    Please help me in the process. Or even a responsible person’s number. Not those shit dispatchers at the counter.

  9. tomneronero on November 15, 2015 at 11:48 pm said:

    Couldn’t boot up taxivault site.Friend says it look
    lke copy of yellow site.

    I’m stick w yellow site.Sunday but no new thread today.

  10. Joseph on November 16, 2015 at 10:06 am said:

    I don’t know what I did wrong. Last night I was in the city by 5:10 PM and worked until my usual of 2 AM. I only grossed $215!!!. I’m driving 9 years and haven’t done so poorly in the fall. If it is this bad now, I can only imagine what January and February will be like. Time to get out of this yellow submarine. It seems like people just aren’t going out like they used to anymore, and this is before the Paris attacks. Last Sunday was also very disappointing.

  11. TaxiService on November 16, 2015 at 4:09 pm said:

    Thank you for your blog about taxis

  12. meter peter on November 16, 2015 at 5:19 pm said:

    Joe I started at 4 quit at midnight and grossed $285. You are looking for $ in the wrong places. Did you go to JFK? Go empty it’s worth it on Sunday.

  13. Joseph on November 16, 2015 at 9:00 pm said:

    I only stay in the city. I hate the airports.

  14. ReliableTransfers on September 26, 2017 at 2:22 pm said:

    Thank you for your blog interest about taxis.

  15. Jane Diggs on March 1, 2019 at 11:57 pm said:

    Hi there.

    Id like to know if your company is open to online marketing such as Search and Social (among others) for yellowcabnyctaxi.com.

    I work with a number of digital marketing analysts who are highly tenured in the digital marketing space, and have a sound knowledge of your line of work. Theyd even be able to show you a few impressive case studies.

    Just interested to know: Would it be OK to have them briefly get in contact with you at and discuss? And what time works best for you?

    Jane D.

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NYC Yellow Cab Taxi Lost and Found Service helps increase your chances of recovering your lost property that was left behind in a taxi cab. NYCYellowCabTaxi.com is a private blog about New York City Yellow Cab Taxis and is not affiliated with the New York City Taxi and Limousine Commission. Individual results may vary