NCI Finds Controller Stole $18 Million From The Company Over Six Years

By Caitlin Huston Markets MarketWatch Pulse

Shares of NCI, Inc. fell 13% in premarket trade Monday after the company said its controller had embezzled $18 million from the company over six years. NCI, a provider of information technology and professional services for U.S. government agencies, said it had fired the controller and has begun an internal investigation into the issue. The company believes it will be able to recover a large portion of the stolen money. NCI said it believes the controller was acting alone and had taken about $5 million in 2016 and $13 million over the prior five years. The company said this money showed up as expenses in NCI's financial statements and that the unadited financial statements in the company's form 10-Q's for the first three quarters of 2016 cannot be relied on. NCI is working with legal counsel and federal authorities on the matter. Shares of NCI have gained 21% in the past three months, compared to the S&P 500's gain of 6%.

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