Contractor Charged With Stealing From Citadel

May 16 2012 | 12:21pm ET

A New York City contractor has been charged with ripping off Citadel Investment Group to the tune of $1.2 million.

Alex Getelman pleaded not guilty to grand larceny and filing a false tax return yesterday. Manhattan prosecutors said that Getelman's company, Aragon, systematically overcharged the hedge fund between 2008 and last year. Aragon built Citadel's offices at the Citicorp Center in New York.

Getelman allegedly used the undue proceeds to build his house on Long Island. Prosecutors added that he did not declare the allegedly unearned income—saving himself $286,000 in taxes.

Last year, Getelman told the New York Observer that Aragon had a "very nice niche" catering to hedge funds and other investment firms. And he compared his company to Lehr Construction Corp., which last May was indicted for the same bill-padding of which Getelman now stands accused.

"I know that we don't run our operation that way—nor have we ever," he said.

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