A former Citigroup executive pleaded guilty Tuesday to stealing nearly $23 million and wiring it to his personal bank account. Gary Foster was a vice president in Citigroup’s treasury finance department. He lived like a company CEO, purchasing luxury cars and expensive properties in Manhattan, Brooklyn and New Jersey with the embezzled funds. Hit the jump to read the rest of the story.
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Foster copped to a single count of bank fraud in Brooklyn Federal Court, admitting that he “executed a scheme to defraud Citigroup” from September 2003 until his arrest in June.
Assistant U.S. Attorney Michael Yaeger said the scheme was simple: from his office in Long Island City, Foster wired millions from various Citigroup accounts to his personal bank account at J.P. Morgan Chase.
Incredibly, Citigroup didn’t notice $22.9 million was missing until a recent internal audit.
“I don’t think it is in Mr. Foster’s best interest to blame Citigroup for dropping the ball,” defense lawyer Isabel Kirshner said outside court.
The feds have seized about $16 million worth of Foster’s assets, including Maserati and Ferrari sedans – and a $1 million condo in Englewood Cliffs, N.J., with spectacular Hudson River views and high-end electronic gadgets like a bathroom mirror that converts to a video screen.
Foster, 35, a graduate of Rutgers University, faces up to 10 years in prison. No sentencing date was set.
