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Technology Stocks : Preference Technologies

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To: afrayem onigwecher who wrote (288)	7/17/2000 8:13:49 PM
From: StockDung	of 460

Fla. Co. Admits To Defrauding Navy .c The Associated Press TAMPA, Fla. (AP) - A company with a contract to refurbish radar pedestals on Navy ships pleaded guilty Monday to overcharging the government for work over a 17-year span and agreed to repay $7.5 million. The plea from Electromechanical Systems Inc. ended a three-year investigation of the defense contractor. The plea agreement requires the company to create an ombudsman program that will allow employees to report crimes and rule violations, said U.S. Attorney Donna Bucella. ``This case should send a message to all contractors that the U.S. government wants what it pays for and we will not tolerate cheating,'' Bucella said in a statement. Authorities said the company overbilled the government for refurbishing the pedestal underneath radar units from 1982 until last year. Prosecutors said the company falsified documents, ledgers and time cards to misrepresent the costs of the work. Morgan Browman, a spokesman for the company's parent corporation, Comsat Corp. of Bethesda, Md., said he could not discuss the case but said the company is ``pleased this matter is behind us.'' AP-NY-07-17-00 1931EDT

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