EXECS AT MICHAEL BLOOMBERG’S company expected to be arrested

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EXECS AT MICHAEL BLOOMBERG’S COMPANY EXPECTED TO BE ARRESTED FOR FRAUD.

The Manhattan district attorney’s office and New York state police are expected to arrest several senior executives in former New York City Mayor Michael Bloomberg’s finance company on fraud charges Tuesday, The New York Times reported.

The executives are expected to be a part of a larger arrest of roughly a dozen senior executives spanning several companies involved in New York real estate and development. The district attorney’s office launched a new investigation into New York’s $62 billion construction industry, including the construction and facilities department of Bloomberg

Investigators uncovered a pay-to-play scheme in which subcontractors and vendors doing work on Bloomberg company offices would offer bribes and kickbacks to Bloomberg executives. In exchange, the Bloomberg executives would pay more for the work done, defrauding Bloomberg L.P. for millions.

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