P.M. BRIEFING : Bank Sues Alleged Embezzler

First Fidelity Bank has accused a former senior executive of engineering an embezzlement scheme that bilked it of at least $6.2 million, it was reported today.

The bank alleged that the scheme to funnel bank funds to two shell companies went undiscovered for 11 years, the Newark Star-Ledger reported.

Robert Venezia was a senior vice president of First Fidelity’s Information Systems and Technology Division until he was fired Aug. 31 after the alleged embezzlement was discovered.

First Fidelity filed suit in a Somerset County, N.J., court against Venezia, his wife, Lois, and two shell companies, Universal Business Supplies and American Leasing Co.

The newspaper cited sources who said at least two other First Fidelity employees are suspected of having played a role in the embezzlement scheme.