Former-Citigroup VP admits embezzling over $22m

7 September 2011

An ex-vice-president at Citigroup has admitted to embezzling $22 million from the bank and using the money to buy cars and property.

Gary Foster, 35, is thought to have transferred the funds to a Citigroup cash account before wiring the funds to a personal account at another bank.

The money was used to purchase luxury cars including a Ferrari and a Maserati as well as property in New Jersey, Manhattan and Brooklyn - the FBI revealed that the value of the seized real estate was estimated to be $16 million.

If found guilty on charges of bank fraud, then the defendant could face a sentence of up to 30 years, the authorities explained.

Janice K Fedarcyk, assistant director in charge, said: “Foster exploited his position as a trusted insider to embezzle tens of millions of dollars and to conceal the theft for as long as possible. The FBI is determined to uncover bank larceny in any form.”

He pleaded guilty to a charge of bank fraud at a federak court in Brooklyn in New York.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development