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June 21, 2011 9:35 am

Prosecutors: CityTime One of NY Biggest Frauds

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Daily News – “The CityTime project was corrupted to its core by one of the largest and most brazen frauds ever committed against the city of New York,” Manhattan U.S. Attorney Preet Bharara said Monday in unveiling three new indictments.

The new charges bring to 11 the number of contractors and consultants charged in a long-running scheme to siphon off $94 million in kickbacks and ill-gotten gains as the CityTime project ballooned in cost from $70 million to $700 million.

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