Black People : Citigroup ex-VP arrested on fraud charges

Discussion in 'Black People Open Forum' started by jamesfrmphilly, Jun 28, 2011.

  1. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    -- A former Citigroup vice president embezzled $19.2 million from the bank in a one-man "inside job" involving a series of secret money transfers, federal prosecutors said Monday.

    Gary Foster, 35, a New Jersey resident, surrendered Sunday at John F. Kennedy International Airport after arriving on a flight from Bangkok. He was released Monday on $800,000 bond after appearing in federal court in Brooklyn to face bank fraud charges carrying a maximum penalty of 30 years in prison.
    Foster had been traveling in Southeast Asia when he received word of the case, defense attorney Isabelle Kirshner said after the court appearance.
    "As soon as he became aware they were looking for him, he voluntarily contacted the FBI and arranged to return," Kirshner said.
    Officials at Citigroup Inc. -- where Foster was vice president of the treasury finance department until quitting in January -- said in a statement that they were "outraged by the actions of this former employee" and hoped to see him "prosecuted to the full extent of the law."
    Foster "used his knowledge of bank operations to commit the ultimate inside job," U.S. Attorney Loretta Lynch said in a statement.
    According to a criminal complaint, Foster's department financed loans and processed wire transfers within Citigroup. From May 2009 through the end of last year, Foster siphoned funds from various Citigroup accounts, placed them in the bank's cash account and then wired the money into his private account at another bank in New York, the complaint alleged.

    In one November 2010 transaction, Foster wired $3.9 million from a Citigroup fund in Baltimore to his New York account, the complaint says.
    That fraudulent transfer and seven others went undetected until a recent internal audit, it said.

    http://www.thegrio.com/money/citigroup-ex-vp-arrested-on-fraud-charges.php
     
  2. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    why did home boy come back? aren't there places that you can go with 20 million and disappear?
     
  3. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    In the Spirit of Sankofa,

    .......This reminds me of George Jefferson, television personality: We are moving on up, to the big time.

    Peace In,


     
  4. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    i'm all for gettin up in the big house and stealing massa's cookies but why come back?
     
  5. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    In the Spirit of Sankofa,

    .......Melanin.

    So, what is so important about melanin? Melanin controls all mental and physical body activities. Melanin is an extremely stable molecule, and highly resistant to the digestion by most acids and bases, and is one of the hardest molecule to ever be analyzed. If you do not purify your melanin molecule, you will not heal your body of diseases.

    http://www.sankofa.ch/texts/Melanin.htm

    Peace In,
     
  6. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    my interest in this case is not the actual crime but the fact that the brother had got clean away and yet he came back.......
     
  7. Khasm13

    Khasm13 STAFF STAFF

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    there has to be more to this story because no one in their right mind would come back to possibly 30 years in jail when they have that much money at their disposal. I could easily do without the u.s. for awhile....and if i did want to come back it would be with a fake passport and a fat disguise. If I had a family they would have to come where i was at...str8 up! i'm not try'n to f with nasty nate for nobody...lol

    one love
    khasm
     
  8. Khasm13

    Khasm13 STAFF STAFF

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    ok...i knew it was more to the story....he spent mad loot on buying different real estate in the new jersey area....
    perfect example of being smart and stupid at the same time....smh

    one love
    khasm
     
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