Ex-Citigroup VP Charged With Embezzling $19.2M
He allegedly stole more than $19M
By Kevin Spak, Newser User
Posted Jun 27, 2011 2:43 PM CDT
In this April 13, 2010 file photo, a branch of Citibank in New York, is shown.   (AP Photo/Richard Drew, file)

(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.”

More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
Ex-Citigroup VP Charged With Embezzling $19.2M is...
34%
15%
13%
10%
18%
10%
Show results without voting
You Might Like
Comments
Showing 3 of 8 comments
Bundy714
Jun 28, 2011 3:10 PM CDT
This story is woefully incomplete until it tells us his astronomical salary and the huge bonus that went with it. Then the fact that he stole 19M on top of it, will be put in it's proper perspective. Greed is good, that's what Wall Street teaches. He was well educated, obviously.
brawne
Jun 27, 2011 9:58 PM CDT
OMG--19 million let's all have a heart attack. I remember when I didn't think that was chump change. I remember when I didn't know for a fact that my country's economy was a big ass Ponzi scheme. Speaking of which that 40 billion (not all forty that was paper, too) that went through Madoff--every penny of it went through JP Morgan first. That's where his account was. You want to go after this guy? Seriously the one dumb ass who forgot to cover himself at Citibank which in the seventies and eighties we called BCCI. You should look that shit up cause they were, are the bucks behind Obama and the next president and all the ones before him. I got no problem with conservatives other than they think that FOX is gonna tell them anything close to the real truth. Here's the hysterical part--know who paid for the first Godfather movie? The Godfathers. It would be funny if it weren't so sad. But, know what? Better off not knowing and living in dreamland. Denial is a good thing. And no one needs you to know what's really going on. Cause it ain't that important. Unless you want to make money--then it's real important to know how all this works.
paddymc68
Jun 27, 2011 3:08 PM CDT
Yep, really important to let upper management make the big bucks or they'll never be able to attract the best people. You know, like this bit of excrement.