27 May 2017
Book a meeting today

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

03 July 2012  |  6848 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  |  7918 views  |  0 comments
FBI arrests CME software engineer on code theft charges

FBI arrests CME software engineer on code theft charges

07 July 2011  |  9559 views  |  0 comments
Citi exec charged with $19 million wire fraud

Citi exec charged with $19 million wire fraud

28 June 2011  |  8223 views  |  0 comments
Citi hackers steal $2.7m

Citi hackers steal $2.7m

27 June 2011  |  12286 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  |  9158 views  |  0 comments
Former Morgan Stanley operations VP charged with embezzlement

Former Morgan Stanley operations VP charged with embezzlement

18 February 2009  |  6764 views  |  1 comments

Related company news

 

Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
visit dh.comDownload the paper nowvisit www.niceactimize.com

Top topics

Most viewed Most shared
BBVA launches Open API marketplaceBBVA launches Open API marketplace
12246 views comments | 49 tweets | 78 linkedin
Bank/fintech collaboration can take transaction banking to new heightsBank/fintech collaboration can take transa...
7427 views comments | 12 tweets | 24 linkedin
R3 raises $107mR3 raises $107m
6237 views comments | 16 tweets | 16 linkedin
TransferWise launches multi-currency business bank accountsTransferWise launches multi-currency busin...
6224 views comments | 12 tweets | 20 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job