Ex-Citigroup exec gets 8 years for embezzlement

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Associated Press

Posted on June 30, 2012 at 8:00 AM

Updated Saturday, Jun 30 at 8:00 AM

NEW YORK (AP) — A former Citigroup vice president has been sentenced in New York City to eight years in prison for embezzling more than $22 million.

Gary Foster received the term Friday in federal court in Brooklyn.

The 35-year-old Foster pleaded guilty last year. Authorities had accused him of secretly transferring money from various Citibank accounts to his personal account at another bank.

Foster also was forced to forfeit property he purchased with his ill-gotten gains. It included real estate in New York and New Jersey, and several luxury cars.

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