Ex-Needham CFO Arrested For $1M False Invoicing Scheme

Law360, New York (November 15, 2012, 3:22 PM EST) -- Needham & Co. LLC's former chief financial officer was arrested in New Jersey on Thursday for allegedly using a false invoicing scheme to steal more than $1 million from the brokerage firm.

Glen W. Albanese, 41, of Manalapan, N.J., allegedly coaxed vendors to submit dozens of bogus invoices, which he then approved on behalf of Needham, according to U.S. Attorney Paul J. Fishman and court documents.

Vendors funneled the bulk of those illicit funds to Albanese by covering a range of his personal expenses — including...
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