Ex-Citi VP Pleads Guilty to $22M Embezzling Charge

Reuters

A former vice president for Citigroup Inc pleaded guilty Tuesday to embezzling more than $22 million from the company and funneling the money to his personal bank account.

Gary Foster, 35, pleaded guilty to bank fraud, admitting that he took the money between 2003 and 2010. He appeared in U.S. District Court in Brooklyn before Judge Eric Vitaliano.

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Assistant U.S. Attorney Michael Yaeger said the government will request a prison sentence of between 97 months and 121 months. Foster will remain free on $800,000 bail until he is sentenced.

Foster was arrested in June, and at the time was charged with embezzling $19 million from the bank's accounts. He admitted in court Tuesday to taking more than $22 million. (Reporting by Jennifer Golson; Editing by Derek Caney)

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