Ex-FTE CFO Accused Of $28M Theft Freed On $250K NY Bond

By Frank G. Runyeon (August 2, 2021, 7:23 PM EDT) -- A New York state court judge Monday released on bail a former FTE Networks Inc. chief financial officer facing a multimillion-dollar theft charge after the man voluntarily traveled from Florida to deny the allegations.

Justice Gregory Carro of New York Supreme Court in Manhattan ordered David Lethem freed on a $250,000 bail bond ahead of his arraignment on federal charges, which the government said was set for Tuesday. Lethem faces a single count of grand larceny, accused of siphoning off $28 million in subsidiary client assets to pay off debts funding ex-CEO Michael Palleschi's "extravagant lifestyle."

His head bowed, and clad in...

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