Gary Foster, a former vice president in Citigroup, Inc.’s treasury finance department, was sentenced to 97 months’ imprisonment today on a conviction for bank fraud arising from his embezzlement of more than $22 million from Citigroup. Foster was sentenced by the Hon. Eric N. Vitaliano, United States District Judge, at the United States Courthouse in Brooklyn.
The sentence was announced by Loretta E. Lynch, United States Attorney for
the Eastern District of New York.
Between September 2003 and June 2011, Foster embezzled more than $22 million
from various Citigroup accounts by first transferring money to Citigroup’s cash
account and then wiring it to his personal bank account at another bank. Foster
concealed his thefts by making various false accounting entries to create the
appearance that the cash account was in balance and by placing a fraudulent
contract or deal number in the reference line of the wire transfer instructions
to give the appearance that the wire transfers were actually in support of an
existing Citigroup contract. Foster used the money to buy real estate and luxury
automobiles, including a Ferrari and a Maserati. The government has restrained
real estate purchased by Foster in Brooklyn, Manhattan and New Jersey and seized
numerous luxury automobiles and bank accounts that her controlled. In total, the
value of the seized and restrained property is estimated to be approximately $14
million. Foster forfeited the property pursuant to the terms of his guilty plea
agreement with the government.
Ms. Lynch extended her grateful appreciation to the Federal Bureau of
Investigation, New York Field Office, the agency that led the government’s
The government’s case is being prosecuted by Assistant United States
Attorneys Michael L. Yaeger and Karen R. Hennigan.
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