Ex-Citigroup VP Charged With Embezzling $19.2M

He allegedly stole more than $19M

By Kevin Spak,  Newser Staff

Posted Jun 27, 2011 2:43 PM CDT

(Newser) – Former Citigroup vice president Gary Foster has been charged with embezzling more than $19 million from the company. Foster, 35, was nabbed yesterday at JFK airport in New York, after arriving on a flight from Bangkok, Reuters reports. Prosecutors say that between May 2009 and December 2010, Foster funneled the money from Citi’s debt-adjustment and income-expense accounts into his personal JPMorgan account, using fake contract and deal numbers to hide the transactions.

Citi didn’t notice the theft until a recent audit. When investigators found it, they immediately alerted the FBI. A spokesman says the bank is “outraged,” and “cooperating fully to ensure Mr. Foster is prosecuted to the full extent of the law.”

In this April 13, 2010 file photo, a branch of Citibank in New York, is shown.
In this April 13, 2010 file photo, a branch of Citibank in New York, is shown.   (AP Photo/Richard Drew, file)
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