Prosecutors say Schlesinger-Siemens Electrical, LLC "overstated the participation of minority businesses" in order to evade the City's minority and women-owned contract requirements.
In addition to the settlement, which included a deferred prosecution agreement, authorities said Monday that two former executives of the company were indicted on charges they falsely claimed the firm employed a Master Electrician. Both executives have pleaded not guilty.
The firm is controlled by the German engineering company, Siemens AG.
Prosecutors say the fraud was uncovered during a probe into work performed at the billion dollar Croton water treatment plant in the Bronx.