Simko faces up to five years in prison and a $250,000 fine, after pleading guilty to charges of filing false claims, making false statements and conspiring to defraud the government.
At Ogilvy & Mather, he had been the media director of the Office of National Drug Control Policy account. He had since moved to the role of president of strategic planning at MindShare in New York, but retired in February.
The case has already seen Thomas Early, former chief financial officer at the agency's New York office, and Shona Seifert, a former director of Ogilvy & Mather and president of TBWA\Chiat\Day New York, found guilty of charges. The pair, who had both pleaded innocent of all charges, await sentencing.
Ogilvy & Mather settled the case with the US government in 2002, paying $1.8m, but not admitting any wrongdoing in the matter.
In a statement, Ogilvy & Mather said: "We are disappointed that Mr Simko's conduct contributed to the billing errors on the ONDCP contract. Such conduct is completely inconsistent with Ogilvy's core values."
Another Ogilvy executive, Peter Chrisanthopoulos, has already pleaded guilty to falsifying time sheets and instructing another member of staff to do the same.
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