2 December, AtoZForex.com, Lagos – The latest case involving a bribe is in connection with Citi, however, the lender sits on the receiving end this time. One time child star and ex-Citigroup Inc. executive has been hit with a jail sentence of “up to at least two years in prison” on Tuesday. He pleaded guilty to receiving at least $500,000 in bribes from contracting companies seeking business with the bank.
$500,000 received in bribes
The Citi executive in the middle of this case is John Cassisi, former director of global construction at the bank's Citi Realty Services unit. His sentence is based upon his role in a pay-to-play scheme involving New York City's construction industry. Besides his influential bank position, Mr. Cassisi is also famous for his early acting days, as a child actor appeared in the 1976 British musical gangster film "Bugsy Malone". He is one of five individuals and two corporations charged in the case. He faces two-to-four years in prison, after his guilty plea in October, to charges of money laundering in the third degree and commercial bribe receiving in the first degree. He will also forfeit the ill-gotten $500,000.
In the Citi bribery case, Mr. Cassisi is accused of receiving $500,000 in cash or gifts from individuals representing contracting companies, who sought to influence his decisions related to awarding contracts. This included extravagant hunting trips, including one worth $21,500 in Alaska, and construction services performed at Cassisi's home, according to prosecutors’ findings. Others individuals involve in the case, who also pleaded guilty include: David Adelhardt, the president of Adelhardt Construction Corp; and Edward Welsh Jr, the president of Adco Electrical Corp and Arthur Fazio, a former senior vice president at Citi.
Citi receives compensation
According to a Reuters report, Adelhardt’s guilty plea was in connection to falsifying business records in the first degree. He is scheduled to be sentenced to one year in prison on Jan. 15 after pleading guilty. His company also pleaded guilty and has agreed to pay $442,000 to Citi.
Welsh’s guilty plea was reached last month for commercial bribing in the second degree. Earning him a one-year sentence, on conditional discharge and fined $1,000, while his company must forfeit $500,000.
Fazio also pleaded guilty on Oct. 16 to one count of falsifying business records in connection with covering up construction services performed at his home. He will be sentenced later this month.
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