Ex-Citigroup Executive Charged With $19 Million ‘Inside Job’

Monday, 27 Jun 2011 01:19 PM

 

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Gary Foster, a former vice president in Citigroup Inc.’s treasury finance department, was charged with embezzling more than $19 million.

Foster, 35, was arrested yesterday at New York’s John F. Kennedy International Airport returning from Bangkok and charged with bank fraud, according to a statement today from U.S. Attorney Loretta Lynch in Brooklyn, New York.

He is accused of transferring money from various Citigroup accounts to the bank’s cash account and then to his own account at a different bank, according to the statement.

“The defendant allegedly used his knowledge of bank operations to commit the ultimate inside job,” Lynch said in the statement.

Foster is scheduled to make his first court appearance today.

“These are obviously serious charges and we will undertake a serious investigation to defend our client,” Isabelle A. Kirshner, Foster’s lawyer, said in a phone interview.

“We are outraged by the actions of this former employee,” Shannon Bell, a spokeswoman for New York-based Citigroup, said in an e-mail. “Citi informed law enforcement immediately upon discovery of the suspicious transactions and we are cooperating fully to ensure Mr. Foster is prosecuted to the full extent of the law.” Bell offered no further comment, citing the investigation.

The case is U.S. v. Foster, U.S. District Court, Eastern District of New York (Brooklyn).

© Copyright 2014 Bloomberg News. All rights reserved.

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