The permits, known as medallions, had been artificially inflated by hundreds of millions of dollars between 2004 and 2017.
The attorney general’s office alleged that the Taxi and Limousine Commission knew in 2011 that the price of medallions had passed actual value. The state’s prosecutor said medallion prices were fraudulently set so high that drivers could not pay them off with their earnings from cab operation regulated by the city itself.
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