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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFormer Citi VP Sentenced
http://www.bloomberg.com/news/2011-09-06/ex-citigroup-vice-president-said-to-plan-guilty-plea-in-19-million-scheme.html<snip>
Former Citigroup Inc. (C) Vice President Gary Foster was sentenced to 97 months in prison for embezzling almost $23 million from the bank, according to federal prosecutors in Brooklyn, New York.
Foster pleaded guilty to bank fraud in September, admitting that he transferred money from various Citigroup accounts to his own at JPMorgan Chase & Co. (JPM) He concealed his activities by making false accounting entries, according to the government.
He used the money to buy real estate and luxury sports cars, including a Ferrari and a Maserati, prosecutors said. The government has seized or restrained property from Foster valued at a total of $14 million.
I executed a scheme to defraud Citigroup, Foster told U.S. District Judge Eric Vitaliano at his plea hearing last year in Brooklyn. I directed funds to be wired into my personal account at JPMorgan.
Foster, of Englewood Cliffs, New Jersey, was arrested last June at New Yorks John F. Kennedy International Airport after returning from Bangkok. Foster, who worked in the banks treasury finance department, transferred money from various Citigroup accounts.
One more Wall street crook! Sadly this one is originally from Jamaica.
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Former Citi VP Sentenced (Original Post)
malaise
Jul 2012
OP
davidpdx
(22,000 posts)1. I think they should have made him serve the first 60 days of his sentence
In a foreclosed home in a bad neighborhood
lame54
(35,328 posts)2. Like Bernie Madoff...
He stole from the rich and now he has to pay
if he would have stuck to stealing from the poor and middle class they would have left him alone
but I'd like all of them to be locked up