Citi Exec Arrested in $19M Theft

EMBEZZLEMENT

Updated Apr. 24, 2017 3:30PM EDT / Published Jun. 27, 2011 2:12PM EDT

Mark Lennihan / AP

Another big-time banker has been charged with fraud: former Citigroup executive Gary Foster was arrested on Sunday for allegations that he wired $19.2 million from a corporate account to his personal fund through a series of eight transfers between May 2009 and December 2010. New York’s U.S. attorney accused Foster of committing "the ultimate inside job”—he was vice president of the company's internal treasury finance department. All transactions went unnoticed until a recent audit, according to the criminal complaint. Foster is expected to appear in court later on Monday and faces up to 30 years in prison if found guilty.

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Citi Exec Arrested in $19M Theft

Mark Lennihan / AP