Gary Foster, former Citigroup Accountant accused of embezzling .2 Million Photo: Reuters
Gary Foster, a former Citigroup Accountant is accused of embezzling $19.2 Million. on Sunday, immediately after his plane from Bangkok at the John F. Kennedy International Airport in New York, FBI agents were waiting for him. Gary Foster, 35-year-old, was a former Citigroup vice president. The Englewood Cliffs, NJ, residence is being accused by the government of embezzling $19.2 million from the bank in a one-man "inside job" involving a series of secret money transfers, federal prosecutors said on Monday. As a mid-level accountant, he reportedly earned $100,000 a year.
On Monday afternoon,Foster pleaded not guilty to charges of bank fraud at a hearing in Federal District Court in Brooklyn and was expected to be set free on $800,000 bond.
Citigroup Inc, issued a statement, "we are outraged by the actions of this former employee" and hoped to see him "prosecuted to the full extent of the law." Foster was vice president of the treasury finance department until quitting in January.
According to the New York Times:
Mr. Foster, who is divorced and has two children, had been enjoying the high life. He owned six properties, including an apartment in Midtown Manhattan; two luxury apartments in Jersey City; a $1.35 million house in Tenafly, N.J.; and a $3 million home in Englewood Cliffs, N.J., that had a $500,000 entertainment system and bathroom mirrors that turned to video screens when touched, according to a law enforcement official. He also owned a Maserati GranTurismo and BMW 550xi. A Ferrari was on order, said the official, who was not authorized to speak about the investigation.
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