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Former Citigroup VP Who Helped Himself To $23 Million Gets 8 Years

Fuck with Count Vikula at your own risk.

Former Citigroup Vice President Gary Foster was sentenced to 97 months in prison for embezzling almost $23 million from the bank, according to federal prosecutors in Brooklyn, New York. Foster pleaded guilty to bank fraud in September, admitting that he transferred money from various Citigroup accounts to his own at JPMorgan Chase. He concealed his activities by making false accounting entries, according to the government. He used the money to buy real estate and luxury sports cars, including a Ferrari and a Maserati, prosecutors said. The government has seized or restrained property from Foster valued at a total of $14 million. “I executed a scheme to defraud Citigroup,” Foster told U.S. District Judge Eric Vitaliano at his plea hearing last year in Brooklyn. “I directed funds to be wired into my personal account at JPMorgan.”

Ex-Citigroup Executive Gets 8 Years For Embezzlement [Bloomberg]

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201 Responses to “Former Citigroup VP Who Helped Himself To $23 Million Gets 8 Years”

  1. Guesticles says:

    I love that he had his account at JP Morgan. Then again, if I could steal $23mln from my employer, I sure as hell wouldn't trust them with my money.

    • cyclewattsny says:

      If my employer had $23mln for me to steal I wouldn't need to be selling this crappy watch on Ebay*.

      *It's up to $132 though so looks like my MD might be prettay, prettay jealous when it comes down to comparing bonuses at the end of the day!

  2. Sad Vickles says:

    Wow, and here I am only making a dollar a year and I'm not even stealing a cent!

  3. Rob says:

    I'm confused by the headline and the article. Was he a VP or an Executive? Because on Wall Street that's a huge difference. As a VP you get to go to jail for helping yourself with 22mlns. As an executive you get to do it legitimately, and it's called incentive pay. Please clarify.

    – WallStreet headhunter

  4. HungryIntern says:

    I wonder if his book title is going to be: "I am not saying I would steal $23MM, but if I did, this is how I would do it."

  5. guest says:

    What came first, the Foster or the Corzine?

  6. auld lane says:

    former citigroup hedge fund founder who helped himself to $800 million gets CEO job.

    • guest says:

      I love how jealous Vikram haters love to bring up the fact that he got paid 800 mill as criticism about him, when in reality Citigroup is the one who should be embarrassed for overpaying and Vikram given respect for his negotiating skills.

  7. Guest says:

    8 years, 2 months actually

    – UBS time quant

  8. guestopolis says:

    And yet, Dick Fuld and Angelo Mozilo roam free. Seems about right.

  9. guest says:

    I still don't understand why the photo here is a finely dressed Oompa Loompa

    -UBS Movie Remake Quant

  10. HFguy says:

    He used the money to buy real estate and luxury sports cars, including a Ferrari

    -As fucking creative fraud as the last 100.

  11. Nextpay says:

    He was part of the bank's treasury finance department. Why is he the only one sentenced? This kind of fraud could not be done alone. I'm thinking that there's a greater possibility that he is get paid for taking all the blame.

    This is another blow to JPMorgan. The Libor rate scandal is still a very hot topic now.

    Best regards,
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