A former chief financial officer for New York City-based Needham & Co. is accused of bilking the brokerage firm of $1 million.

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Federal prosecutors say 41-year-old Glen Albanese of Manalapan orchestrated an elaborate false invoicing scheme over a 10-year period.

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

It's not clear whether Albanese has a lawyer.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)