Glen W. Albanese, a former chief financial officer at the brokerage firm Needham & Co., was charged with stealing $1 million to spend on wine, trips, decorating and a designer breed of dog known as a labradoodle.
Albanese, 41, stole from the New York-based company from 2000 to December 2010 by directing vendors to submit phony invoices, according to a Federal Bureau of Investigation arrest complaint. He told one vendor to give him envelopes of cash, while others paid his personal expenses, according to the FBI.
Albanese, of Manalapan, New Jersey, spent the proceeds on thousands of dollars of wine as well as interior decorating and landscaping services, equestrian equipment, and more than $40,000 in flights, hotels and travel, the FBI said. The expenses included a fence for the labradoodle, according to Matthew Reilly, a spokesman for New Jersey U.S. Attorney Paul Fishman.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
