Former CFO of NYC-based Needham & Co. sentenced for stealing $1M from the brokerage firm



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TRENTON, New Jersey — A former chief financial officer of a New York City-based brokerage firm is going from Wall Street to prison.

A federal judge in New Jersey on Thursday sentenced 43-year-old Greg Albanese of Manalapan to 33 months in prison for stealing $1 million from Needham & Co.

Prosecutors say Albanese admitted to orchestrating an elaborate false invoicing scheme over a 10-year period.

Prosecutors say he induced several vendors to submit fraudulent invoices. They say some services were never provided while others inflated the amount charged.

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