NY Jeweler Says Insurance Covers Mayor Donor's $6.3M Theft

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NY Jeweler Says Insurance Covers Mayor Donor's $6.3M Theft
Law360 (March 3, 2021, 10:35 PM EST) -- A New York jeweler said an AXA insurance affiliate has wrongfully refused to cover its loss after Jona Rechnitz, a disgraced former donor to New York Mayor Bill de Blasio, stole over $6.3 million worth of jewelry to pay off his "crippling" debt.
M.J.S. Diamond, a former business partner of Rechnitz, told a California judge Monday that it was targeted by the de Blasio fundraiser as part of his eight-figure fraud scheme to rip off jewelers from coast to coast.
In the complaint, M.J.S. said XL Specialty Insurance Co. has denied its loss claim even though another AXA affiliate paid over...

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