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Man Charged In Manhattan Federal Court With Multimillion-Dollar Scheme To Defraud Financial Services Firm
A former accounts payable manager at a global financial services firm has been charged with using his position to embezzle at least $7 million over a thirteen-year period.
CHRISTOPHER CANALE, 47, of Poughkeepsie, New York, was arrested this morning in Poughkeepsie, New York, and will be presented later today in federal court in the Southern District of New York.
According to the allegations in the Complaint unsealed today in Manhattan federal court, CANALE abused his position at the Firm to embezzle at least $7 million from 2003 to September 2016. CANALE accomplished this fraud by making unauthorized wire transfers and by cashing checks without authorization.
CANALE used the Firm’s funds to pay for numerous exorbitant personal expenses, including an outdoor pool, an outdoor sound system, landscaping for his home, and at least one luxury car. CANALE also paid bills for a credit card account and sent approximately $40,000 in wire transfers to another individual.
CANALE is charged with one count of wire fraud, which carries a maximum sentence of 20 years in prison and a maximum fine of $250,000 or twice the gross gain or loss from the offense, and one count of bank fraud, which carries a maximum sentence of 30 years in prison and a maximum fine of $1 million or twice the gross gain or loss from the offense. CANALE is also charged with one count of aggravated identity theft, which carries a mandatory consecutive sentence of two years in prison and a maximum fine of $250,000 or twice the gross gain or loss from the offense.
The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.
Mr. Bharara praised the work of the FBI. He added that the investigation is continuing.
This case is being handled by the Office’s Complex Frauds and Cybercrime Unit. Assistant U.S. Attorney Jennifer L. Beidel is in charge of the prosecution.
The charges contained in the Complaint are merely accusations and the defendant is presumed innocent unless and until proven guilty.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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