A Teaneck headhunter double-dipped a commission from Morgan Stanley, pocketing $150,000 that he wasn’t entitled to, Bergen County Prosecutor John L. Molinelli said today in announcing his arrest on theft charges.
Melvin Reed, 58, was arraigned earlier today and released without bail after members of Molinelli’s White Collar Crimes Unit arrested him at his home yesterday following a six-month investigation.
Reed and his company, David Reed & Associates of Teaneck, accepted a $150,000 commission payment from Morgan Stanley Asia, LTD in June 2008 “in exchange for recruiting and placing an employee” with the company, the prosecutor said.
Reed then “advised Morgan Stanley that he had not received the commission check and asked for the funds to be wire transferred to his account,” he said.
Last year, Reed opened a different bank account and deposited the 6-year-old check, “effectively receiving a double commission for the same employee placement,” Molinelli said.
He then used the money “for personal expenses.”
MUGSHOT: Courtesy BERGEN COUNTY PROSECUTOR