Saturday, June 30, 2012

Former Citi VP Who Helped Himself To $23 Million Gets 8 Years




Screw with Count Vikula at your own risk.

Former Citigroup VP 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. 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.”

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