The owners and managers of a New Jersey construction company have been indicted on conspiracy and money laundering charges for defrauding more than $9 million in unpaid workers’ compensation premiums from the New York State Insurance Fund, the office of Manhattan District Attorney Alvin Bragg Jr. announced.
The indictment charges officials with the Schnellbacher-Sendon Group for not reporting at least $40 million in cash payroll, which they raised by using sham shell companies to generate the funds, with which they then paid more than 100 workers under the table.
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