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Tishman Construction Admits Cheating World Trade Center Clients

Image: Tishman Construction Admits Cheating World Trade Center Clients

Thursday, 10 Dec 2015 10:03 PM

Tishman Construction Corp., builder of One World Trade Center in New York’s financial district, admitted to an overbilling scheme spanning a decade and agreed to pay $20 million in restitution and penalties.

The scam included the World Trade Center project, the renovation of the landmark Plaza Hotel on 5th Avenue and the expansion of the Javits Convention Center in Manhattan, the U.S. Attorney’s Office in Brooklyn, New York, said Thursday.

The mail and wire fraud conspiracy included improperly billing clients more than $5 million over a decade for hours the company never worked, and at rates exceeding those allowed in their contract, according to the statement.

Tishman entered into a so-called deferred prosecution agreement under which it admitted to fraudulently overbilling clients, the U.S. said. The company also agreed to institute “far-reaching corporate reforms” to avoid future problems, prosecutors said.

To contact the reporter on this story: Erik Larson in New York at elarson4@bloomberg.net To contact the editors responsible for this story: Andrew Dunn at adunn8@bloomberg.net Michael Hytha, Peter Blumberg

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Tishman Construction Corp., builder of One World Trade Center in New York's financial district, admitted to an overbilling scheme spanning a decade and agreed to pay $20 million in restitution and penalties.
tishman, construction, world, trade, center, cheat
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2015-03-10
Thursday, 10 Dec 2015 10:03 PM
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