Citigroup ex-VP pleads guilty to embezzling $22M
NEW YORK – A former Citigroup vice president in New York City has admitted to embezzling more than $22 million from the bank for his personal use.
Gary Foster pleaded guilty to bank fraud charges in Brooklyn federal court on Tuesday.
The New York Post (http://nyp.st/nRYB7n ) says that under the plea agreement, he faces up to 10 years in prison.Prosecutors say Foster also could be fined as much as $44 million.
Authorities say he used the money to buy luxury cars and homes in Manhattan, Brooklyn and New Jersey.
Foster was arrested in June. He was vice president of the treasury finance department until quitting in January.
According to court papers, Foster siphoned funds from various Citigroup accounts and wired the money into his private account at another bank.
Information from: New York Post, http://www.nypost.com