Ex-Chief Financial Officer Of A Naugatuck Company Charged: Feds

NAUGATUCK, CT — Joseph Nader, 53, who was the chief financial officer of a Naugatuck-based company is charged with wire fraud offenses, according to federal authorities.

A federal grand jury in New Haven returned a six-count indictment yesterday charging Nader with fraud offenses. As alleged in the indictment, Nader was the Chief Financial Officer (“CFO”) of a company located in Naugatuck.

From approximately 2013 to February 2017, Nader defrauded the company by making false representations to the company’s owners concerning the company’s financial position, officials said in a news release.

He also created a false bank statement depicting a balance of over $185,000 in a company account, when the balance was significantly less, and then provided that false bank statement to an outside accounting firm for preparation of the company’s year-end financial statements, officials said.

Because Nader misrepresented the company’s financial position, the company issued bonuses to him and other employees in amounts they would not otherwise have received had the true financial position of the company been known, officials said.

In addition, the indictment alleges that Nader sent false invoices and pack lists to a customer of the company to reflect products purportedly purchased by the customer, causing the customer to pay more than $100,000 for products that had not been purchased or shipped, officials said.

It is also alleged that Nader manipulated the company’s payroll system to cause the company to make excessive payments to him, officials said.

The indictment charges Nader with six counts of wire fraud, an offense that carries a maximum term of imprisonment of 20 years on each count.