Ex-Needham CFO Cops To Embezzling $1M

Law360, New York (November 21, 2013, 8:33 PM EST) -- The former chief financial officer of Manhattan brokerage firm Needham & Co. pled guilty Thursday in New Jersey federal court to stealing $1 million from Needham by paying fraudulent invoices submitted by accomplices, operating as vendors, for services that had never taken place.

Glen W. Albanese confessed to a count of conspiracy to commit theft for his part in an elaborate scheme to wheedle Needham out of $1 million with the help of two co-conspirators who, through their respective vendor companies, billed Needham for services that...
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