Citigroup Ex-VP Pleads Guilty to Fraud Charges

Ex-VP faces up to 10 years in prison.

Wednesday, Sep 7, 2011  |  Updated 8:27 AM EDT
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Citigroup Ex-VP Pleads Guilty to Fraud

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A former Citigroup vice president has admitted embezzling more than $22 million from the bank for his personal use.

Gary Foster pleaded guilty to bank fraud charges in Brooklyn federal court on Tuesday.

The New York Post says that under the plea agreement, he faces up to 10 years in prison. Prosecutors say Foster also could be fined as much as $44 million.

Authorities say he used the money to buy luxury cars and homes in Manhattan, Brooklyn and Englewood Cliffs, N.J.

Foster was arrested in June. He was vice president of the treasury finance department until quitting in January.

According to court papers, Foster siphoned funds from various Citigroup accounts and wired the money into his private account at another bank.
 

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