by Ben Vernia | October 20th, 2010
The government contractor GTSI and the Small Business Administration entered into an administrative agreement on October 19 which will result in the SBA lifting the suspension it imposed on October 1. Under the terms of the agreement, GTSI accepted the resignation of its CEO and Vice President and General Counsel, and will suspend three employees – all of whom the SBA had identified as having played a role in the alleged small business fraud which was the basis of the suspension.
In addition, the company has agreed to provide documents requested by the OIG in its ongoing investigation, to refrain from bidding on certain small business contracts, and to employ an independent monitor for up to three years.
The Washington Post reported on October 20 that 90% of GTSI’s revenue was derived from federal contracts. The company’s press release stated that it has 525 employees.
