A former chief
financial officer of Needham & Co was charged on Thursday with stealing $1
million from the investment banking and brokerage firm and using some of the
money to pay for vacations, wine and a dog fence.
Glen Albanese, 41, was accused by federal prosecutors in New
Jersey with running a decade-long scheme from 2000 to 2010 in which he induced
vendors to submit fraudulently inflated bills or fake invoices for services
that were not provided.
The office of U.S. Attorney Paul Fishman in New Jersey said
Albanese received illicit proceeds by accepting envelopes stuffed with
thousands of dollars in cash or by asking vendors to pay his personal expenses. According to prosecutors, the expenses included
landscaping and interior decorating at Albanese's home, thousands of dollars of
wine, equestrian equipment, tickets to Walt Disney World and Six Flags theme
parks, flights and hotels and "a designer-breed dog and canine fence…."
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