Four Bloomberg employees were charged with fraud Tuesday in a multi-million dollar embezzlement case involving false invoices, bribes and misappropriation of funds related to interior design contracts at the financial news and services company.
According to a source close to the case, the four accused were fired by the company after investigators disclosed the allegations against them.
Anthony Guzzone, Bloomberg’s global facilities director, and three other colleagues allegedly worked a scheme in which inflated contracts were awarded to select companies for interior design work at Bloomberg’s Manhattan office.
In return, subcontractors would pay the four off with kickbacks, vacation trips, and renovations of their residences, according to Manhattan district attorney Cyrus Vance.
The alleged fraud is estimated to have cost Bloomberg more than $15 million.
Fourteen individuals in all were indicted on Tuesday, including the sub-contractors, on charges of conspiracy, theft, moneylaundering and corruption.
‘This sends a strong message to contractors in New York who engage in fraud: You will be caught,’ Bloomberg spokesman Ty Trippet said in a statement.