Arrest in Alleged Citi FraudPosted on September 15, 2015 by arnierosner
Arrest in Alleged Citi Fraud
Former Employee Charged With Embezzling $19 Million; ‘Ultimate Inside Job’
June 28, 2011
A former Citigroup Inc. employee was arrested and charged with allegedly embezzling more than $19 million from the bank in “the ultimate inside job,” federal prosecutors said on Monday.
Gary Foster, who worked in Citigroup’s internal finance department, allegedly wired about $19.2 million in a series of transactions from the bank’s corporate accounts to his personal account at a unit of J.P. Morgan Chase & Co. between May 2009 and December 2010, according to a criminal complaint unsealed on Monday.
- Documents: Complaint | Release
- More from Deal Journal
Mr. Foster, a former vice president who monitored financial contracts based on other assets known as derivatives, was arrested at John F. Kennedy International Airport on Sunday when he returned to the U.S. on a flight from Bangkok. The 35-year-old faces up to 30 years in prison if convicted on bank fraud charges.
Mr. Foster allegedly used some of the money to purchase six real-estate properties, including his home in Englewood Cliffs, N.J., a person familiar with the matter said. The home has a half-million-dollar entertainment system, including mirrors in the bathroom that can turn into video screens, the person said. He also owned a Maserati, a BMW and had a Ferrari on order, the person said.
Mr. Foster’s lawyer, Isabelle A. Kirshner, declined comment on his assets.
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