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Thread: Construction Company Worth 3 Billion Dollars Pleads Guilty To Fraud Charges In N.Y.C.

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    Default Construction Company Worth 3 Billion Dollars Pleads Guilty To Fraud Charges In N.Y.C.

    One of the world’s biggest construction companies has pleaded guilty to fraud charges and agreed to pay millions of dollars to settle a long-running investigation by the Manhattan District Attorney’s office.

    Lawyers for Structure Tone, a $3 billion company with projects all over New York City, admitted in Manhattan Supreme Court on Wednesday that it routinely padded bills by millions of dollars.

    The Manhattan-based firm — which has projects at St. Patrick’s Cathedral and the Federal Reserve Bank of New York — has agreed to forfeit $55 million in a plea deal worked out with Manhattan District Attorney Cyrus Vance.

    Vance on Wednesday called the deal “one of the largest forfeiture penalties ever imposed on a construction company.”

    Structure Tone specializes in rebuilding interiors, and Vance says the firm “systematically” overcharged clients by deliberately inflating invoices between 2005 and 2009.

    The giant firm admitted it would require subcontractors to inflate their bills, then pocket the difference in bills passed on to their clients.

    Structure Tone’s attorneys entered a plea of guilty on behalf of the company to one count of first-degree falsifying business records, a felony.
    Read more: Construction firm behind St. Patrick

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    Default Re: Construction Company Worth 3 Billion Dollars Pleads Guilty To Fraud Charges In N.

    Why didn't anyone get JAIL time ?? Something I will never understand.The more you steal it seems the more lenient the punishment..
    Deliberately overcharging is the same a stealing.. White collar crime!! A slap on the wrist..
    ABFwife likes this.

 

 

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