Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Ex-Citigroup VP Arrested for Embezzling $19.2 Million
By
Garth Johnston
Published Jun 27, 2011
Modified Jun 27, 2011
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Garth Johnston
Published Jun 27, 2011
Modified Jun 27, 2011
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
According to federal prosecutors, former Citigroup Vice President Gary Foster "used his knowledge of bank operations to commit the ultimate inside job." While at the bank Foster, 35, allegedly used his knowledge to embezzle $19.2 million into a personal bank account in a series of secret money transfers.
And he would have gotten away with it, too, if it weren't for a recent internal audit of the treasury finance department where he worked in!
According to the complaint [PDF], Foster transfered money from various Citigroup accounts to a cash account and then to his personal account (at a different bank). Between July 2010 and December 2010, he allegedly moved roughly $900,000 from Citigroup’s interest expense account and approximately $14.4 million from Citigroup’s debt adjustment account to the bank’s cash account, which he then had wired out of Citigroup’s cash account and into his personal account
Foster was picked up by police yesterday at JFK as he returned home from Beijing. If convicted, the Jersey man faces a maximum sentence of 30 years’ imprisonment on the bank fraud charges. He is expected to appear in federal court in Brooklyn later today.
Tagged
citigroup
embezzlement
fbi
fraud
gary foster
Garth Johnston
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Deer are all over New Jersey roads looking for sex, state officials warn
Mid-October through mid-December is deer mating season, which can be a danger to drivers as the sex-seeking creatures cross roadways throughout the Garden State.
By
Rosemary Misdary
Published Oct 16, 2026
Man messaged 'I got straight poison' before giving NYC college students fentanyl, feds say
A transcript from an April court hearing sheds new light on what transpired at Fashion Institute of Technology.
By
Samantha Max
News
Man messaged 'I got straight poison' before giving NYC college students fentanyl, feds say
A transcript from an April court hearing sheds new light on what transpired at Fashion Institute of Technology.
By
Samantha Max
Inside the plan to fix the nearly collapsed Pfizer Building, 1/64th of an inch at a time
By
David Brand
School bus carrying autistic students got lost in Brooklyn for 4 hours last year
By
Jessica Gould
NYC’s bridges can last 'forever,' if we take care of them
By
Clayton Guse
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .