A Citigroup executive today was arrested for embezzling $19 million from the bank, prosecutors allege.
Click here to read the news release from Loretta E. Lynch, United States Attorney for the Eastern District of New York, and Janice K. Fedarcyk, Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office.
Gary Foster, a former vice president in Citigroup’s treasury finance department was arrested at John F. Kennedy International Airport Sunday morning after he arrived on a flight from Bangkok.
It was Citigroup that brought the alleged heist to the attention of the Federal Bureau of Investigation and the U.S. Attorney. But $19 million? You sure don’t get that kind of loot with a gun.
It will be interesting to learn how Citi noticed the money was missing. Was the alleged scheme that good, or are Citi’s financial controls that bad? In a world of billions and even trillions, perhaps missing millions can easily go unnoticed.
“The defendant allegedly used his knowledge of bank operations to commit the ultimate inside job,” Lynch said.
The old saw says the best way to rob a bank is to own one. Maybe it’s good enough to just work at one.