4 NYC Payroll Consultants Accused Of $80M Fraud

Law360, New York (December 15, 2010, 7:48 PM EST) -- A New York City payroll system designed to be more efficient and prevent abuse has allegedly allowed four consultants working on the project to bilk the city out of more than $80 million, prosecutors said Wednesday.

The four accused fraudsters were arrested Wednesday and were expected to appear in federal court later in the day, according to the U.S. attorney's office for the Southern District of New York. They allegedly used a network of shell corporations to launder the proceeds from the fraud.

The defendants —...
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