NEW YORK – Federal authorities charged a Poughkeepsie man with wire fraud, bank fraud and aggravated identity theft for allegedly using his position at a global financial services firm to defraud the company out of at least $7 million over a 13-year period.
Christopher Canale, 47, was arrested in Poughkeepsie on Wednesday.
US Attorney Preet Bharara said Canale allegedly “took advantage of his position as an accounts payable manager and used his employer’s bank accounts as his own, siphoning off millions to pay for personal expenses, including an outdoor pool, vacations, and luxury cars.”
In some instances, Canale pulled off his crime by inputting fake invoices and wire transfer instructions into one of the firm’s software programs. In other instances, he made checks out to petty cash, forged the name of his former supervisor on those checks, and kept the cash.
He used the firm’s funds to pay for several exorbitant personal expenses including an outdoor pool, outdoor sound system, landscaping at his home, and at least one luxury car. He also paid bills for a credit card account and sent some $40,000 in wire transfers to another individual.
If convicted, Canale could face up to 20 years in prison.
