Former CFO accused of bilking NYC brokerage firm

Associated Press

NEWARK, N.J. (AP) — A former chief financial officer for New York City-based Needham & Co. is accused of bilking the brokerage firm of $1 million.

Federal prosecutors say 41-year-old Glenn Albanese of Manalapan orchestrated an elaborate false invoicing scheme over a 10-year period.

Prosecutors say Albanese induced several vendors to submit fraudulent invoices. Prosecutor says some services were never provided while others inflated the amount charged.

It's not clear whether Albanese has a lawyer.

He's scheduled to appear before a magistrate in Newark on Thursday afternoon.