Ex-Citigroup VP charged in $19 million fraud
NEW YORK (CNNMoney) -- Gary Foster, a former Citigroup executive, was arrested Monday on charges he embezzled more than $19 million from the bank.
According to a criminal complaint unsealed in New York, Foster allegedly transferred millions of dollars from various Citigroup accounts into his personal account at JPMorgan Chase on eight separate occasions between May 2009 and December 2010.
Foster, 35, is also accused of using fraudulent contracts and deal numbers to mask the transfers.
The former vice president of Citigroup's Treasury finance department was arrested at John F. Kennedy International Airport on Sunday morning when he arrived on a flight from Bangkok.
The charges were announced by the U.S. Attorney's office and the Federal Bureau of Investigation.
"The defendant allegedly used his knowledge of bank operations to commit the ultimate inside job," said Loretta Lynch, the U.S. Attorney for the Eastern District of New York.
more
http://money.cnn.com/2011/06/27/news/companies/citigroup_fraud_gary...
According to a criminal complaint unsealed in New York, Foster allegedly transferred millions of dollars from various Citigroup accounts into his personal account at JPMorgan Chase on eight separate occasions between May 2009 and December 2010.
Foster, 35, is also accused of using fraudulent contracts and deal numbers to mask the transfers.
The former vice president of Citigroup's Treasury finance department was arrested at John F. Kennedy International Airport on Sunday morning when he arrived on a flight from Bangkok.
The charges were announced by the U.S. Attorney's office and the Federal Bureau of Investigation.
"The defendant allegedly used his knowledge of bank operations to commit the ultimate inside job," said Loretta Lynch, the U.S. Attorney for the Eastern District of New York.
more
http://money.cnn.com/2011/06/27/news/companies/citigroup_fraud_gary...
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