23 July 2016
Find out more

Ex-Citigroup VP gets eight years for $23m embezzlement

03 July 2012  |  6616 views  |  0 Citi Web screen shot

Former Citigroup treasurer Gary Foster has been sentenced to just over eight years in jail for embezzling nearly $23 million from the bank.

Foster, a former vice president in Citigroup's treasury finance department, received the 97 month term at a Brooklyn courthouse having already pleaded guilty in September.

Between September 2003 and June 2011, Foster transferred money from various accounts to Citigroup's cash account and then wired the dough to his personal JPMorgan Chase account.

He concealed the theft by making various false accounting entries to create the appearance that the cash account was in balance and by placing a fraudulent contract or deal number in the reference line of the wire transfer instructions.

Foster used the money to buy real estate and luxury cars, including a Ferrari and a Maserati.

The illegal transfers were spotted during an internal audit and the evidence handed over to the FBI. Foster was arrested last June and initially pleaded innocent before changing his mind. The government has already seized or restrained property from him worth $14 million.
KeywordsLEGAL

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Citigroup exec admits to $22.9 million bank fraud

Citigroup exec admits to $22.9 million bank fraud

07 September 2011  |  7724 views  |  0 comments
FBI arrests CME software engineer on code theft charges

FBI arrests CME software engineer on code theft charges

07 July 2011  |  9364 views  |  0 comments
Citi exec charged with $19 million wire fraud

Citi exec charged with $19 million wire fraud

28 June 2011  |  8025 views  |  0 comments
Citi hackers steal $2.7m

Citi hackers steal $2.7m

27 June 2011  |  12031 views  |  1 comments
Ex-Goldman programmer jailed for eight years over HFT code theft

Ex-Goldman programmer jailed for eight years over HFT code theft

21 March 2011  |  8892 views  |  0 comments
Former Morgan Stanley operations VP charged with embezzlement

Former Morgan Stanley operations VP charged with embezzlement

18 February 2009  |  6520 views  |  1 comments

Related company news

 

Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit capgemini.comFind out more

Top topics

Most viewed Most shared
MasterCard agrees £700m VocaLink acquisitionMasterCard agrees £700m VocaLink acqu...
7667 views 13 comments | 32 tweets | 36 linkedin
hands typing furiouslyWhat Every FinTech CEO Should Know About R...
7630 views 0 | 14 tweets | 8 linkedin
Santander doubles down on fintech fundSantander doubles down on fintech fund
7464 views comments | 22 tweets | 28 linkedin
Brexit-scarred London fintech startups enquire about moving to BerlinBrexit-scarred London fintech startups enq...
7318 views comments | 16 tweets | 16 linkedin
hands typing furiouslyBanking on IoT: Security in the Internet o...
7303 views 3 | 19 tweets | 6 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job