Ex-Brokerage Exec from Manalapan Awaits Sentencing for Theft
The former Chief Financial Officer of a New York brokerage house who calls Manalapan home awaits sentencing for stealing about $1,000,000 from the company through false invoices.
Glen W. Albanese, 42, admitted his role in the scheme today in a Trenton federal courtroom, according to information from the office of New Jersey U.S. Attorney Paul Fishman.
Albanese pleaded guilty to a charge of conspiring to steal from Needham and Company. Vincent Sarubbi, 43, of Manalapan and Eric Siegel, 38, of New York, had already pleaded guilty to taking part in the ruse.
At his February 25 sentencing, Albanese could be given up to 20 years in prison and a fine as high as $250,000. He agreed to pay Needham its $1,000,000.
The embezzlement took place over a 10-year span starting in 2000, according to court documents and testimony. Prosecutors said Albanses convinced several firms to submit invoices for phantom services and induced others to inflate their bills to the company.
Among the firms involved were Sarubbi's information technology company Data Source Partners, and S&R Graphics, where Siegel held a job. Albanese admitted approving the statements and instructing vendors to send most of the money to him.
According to investigators, Albanese took envelopes stuffed with thousands of dollars from Siegel in prearranged spots around Manhattan. Sarubbi and Siegel used part of the money, authorities said, to pay for landscaping and interior design at Albanese's home, a "designer-breed" dog and canine fence, horse-riding gear, bottles of wine costing thousands of dollars, and more than $40,000 worth of airfares, hotel fees and other travel costs.