ALBANY, N.Y. - A New York City taxi tycoon has been charged with failing to pay millions in state taxes.

Evgeny Freidman was being held Wednesday in the Albany County Jail on $500,000 bail. Also known as Gene Friedman, he was arraigned in an Albany court Monday on tax fraud and grand larceny charges.

Defense lawyer Patrick Egan said Friedman denies all the charges.

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Democratic State Attorney General Eric Schneiderman says the 46-year-old, dubbed the "Taxi King," didn't pay more than $5 million in taxes he owed. Officials said the taxes are from 50-cent Metropolitan Transportation Authority surcharges between 2012 and 2015.

Friedman owns hundreds of the New York City-issued medallions that allow yellow cabs to operate.