Reuters: Money: NYC to be paid $500 million in SAIC fraud case

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NYC to be paid $500 million in SAIC fraud case Mar 14th 2012, 18:14 Wed Mar 14, 2012 2:14pm EDT (Reuters) - New York City will be paid a little more than $500 million by a computer contractor that conducted the biggest fraudulent scheme against any municipality in history, Preet Bharara, the U.S. attorney for the southern district of New York, said on Wednesday. A unit of SAIC Inc has agreed to pay $500.4 million to resolve its part of a federal criminal probe into fraud at CityTime, a New York City payroll system. Science Applications International Corp agreed to pay $370.4 million in restitution to the city, as well as a penalty of $130 million, according to a deferred prosecution agreement made public on Wednesday. It also consented to the filing of a charge accusing it of conspiring to commit wire fraud.

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