NEW YORK (AP) — A 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.

Joseph Ioia pleaded guilty to grand larceny Thursday in Manhattan state Supreme Court.

READ MORE: Walker Scores 19, Knicks Romp To End 15-Game Skid Vs 76ers

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.

READ MORE: Flames Use 4-Goal Outburst In 1st Period To Beat Devils

Ioia also will be sentenced to five years’ probation and 90 days in jail, to be served on weekends.

(Copyright 2014by The Associated Press. All Rights Reserved.)

You May Also Be Interested In These Stories

MORE NEWS: New York Weather: CBS2’s 10/27 Wednesday Morning Forecast

[display-posts category=”news” wrapper=”ul” posts_per_page=”4″]