Tuesday, June 28, 2011

Business Briefs: Citigroup ex-VP arrested on fraud charges - - 27 Jun 2011

Citi ex-VP faces fraud charges
Aformer Citigroup vice president embezzled $19.2 million from the bank in a one-man "inside job" involving a series of secret money transfers, federal prosecutors said Monday.
Gary Foster, 35, a New Jersey resident, was arrested Sunday at John F. Kennedy International Airport after arriving on a flight from Bangkok. He was to appear in federal court in Brooklyn later Monday to face bank fraud charges carrying a maximum penalty of 30 years in prison. 

Defense attorney Isabelle Kirshner said Foster had "returned voluntarily and is prepared to address the issue." 

Officials at Citigroup Inc., where Foster was vice president of the treasury finance department, said in a statement that they were "outraged by the actions of this former employee" and hoped to see him "prosecuted to the full extent of the law."

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