Ex-Citigroup VP Admits Embezzling Over $22 Million

Image via WikipediaA former vice president for Citigroup Inc pleaded guilty Tuesday to embezzling more than $22 million from the company and funneling the money to his personal bank account.

Gary Foster, 35, pleaded guilty to bank fraud, admitting that he took the money between 2003 and 2010. He appeared in U.S. district court in Brooklyn before Judge Eric Vitaliano.

Assistant U.S. Attorney Michael Yaeger said the government will request a prison sentence of eight to 10 years. Foster will remain free on $800,000 bail until he is sentenced.

Foster was arrested in June and at the time was charged with embezzling $19 million from the bank's accounts. He admitted in court Tuesday to taking more than $22 million, although his total seized assets were estimated at $16 million, Yaeger said.

The defendant, who worked for Citigroup for 10 years, said that between 2003 and 2010 he drafted emails and faxes directing the funds to his personal account. More...