New York, NY – New York City businessman has pleaded guilty to stealing from the Metropolitan Transportation Authority by providing poor-quality oil for city buses and passing it off as the good stuff.
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Joseph Ioia (eye-OH’yah) pleaded guilty to grand larceny Thursday in Manhattan state Supreme Court.
The 61-year-old Ioia admitted he stole hundreds of thousands of dollars from the MTA by supplying cheap oil in 2010 and 2011.
Ioia submitted false bills pretending he was providing a superior product.
It’s expected that Ioia will be ordered to pay $863,000 in fines and restitution when he is sentenced.
Ioia also will be sentenced to five years’ probation and 90 days in jail, to be served on weekends.
I wonder why his name is – I Owe YA –
It’s not just restitution for the difference in cost between the oil he billed for and the oil he delivered, though. The MTA has to look at these buses and see if there’s any damage to the engines as well, for which he would also be liable.