SAIC to Pay Half a Billion Dollars to Resolve Criminal Investigation

SAIC, a well-known company headquartered in McLean, will pay over $500 million to resolve a federal criminal investigation into its conduct, the federal authorities announced on Wednesday, according to the New York Times.

Under the terms of the settlement, SAIC will pay $500.4 million in restitution and penalties, and an independent monitor will be appointed by the United States Attorney's Office for three years to review certain Company policies and practices, according to SAIC.

"The United States Attorney's Office has charged the Company with a single criminal count related to CityTime, but will defer prosecution based upon, among other things, the Company's cooperation with the investigation, remediation efforts and acceptance of responsibility. The Government has agreed to dismiss the charge without prosecution in three years if SAIC complies with the terms of the deferred prosecution agreement," the SAIC press release said.

SAIC was the main contractor that ran the scandal-ridden CityTime automated payroll project for New York City, the Times reported. The United States attorney in Manhattan, Preet Bharara, has called a project “corrupted to its core by one of the largest and most brazen frauds ever committed against the City of New York,” the Times reported.

Read the entire New York Times story.