By J. Smith
Gary Foster, a black man and former vice president at Citigroup, is being accused of embezzling $18.4 million from the Wall Street giant. It was a one man heist that involved a series of secret money transfers, that resulted in his surrender at John F. Kennedy International Airport on Sunday night, directly off of a flight from Bangkok.
“According to a criminal complaint, Foster’s department financed loans and processed wire transfers within Citigroup. From May 2009 through to the end of last year, Foster siphoned funds from various Citigroup accounts, placed them in the bank’s cash account and then wired the money into his private account at another bank in New York,” The Sydney Morning Herald reports.
After helping himself to the company cash, he quit as VP of the treasury finance department in January before making a run for it. He had been travelling in southeast Asia when he heard that he’d been caught. He was released Monday on a $700,000 bond after appearing in federal court. Foster is now facing bank fraud charges that carry a maximum penalty of 30 years, the Herald reports.
At least this guy had the decency to quit while he was ahead, instead of being hauled out of his office for an even bigger spectacle. Either way, he obviously didn’t steal enough money to make sure he wouldn’t get caught.