A former Citigroup vice president is facing at least a decade in prison after pleading guilty to embezzling more than $22 million to splurge on fancy homes and luxury cars.
Gary Foster, 35, who worked for the company’s treasury finance department and reportedly made $100,000 a year, admitted Tuesday in federal court that he wired the millions from his employer to his personal bank account between 2003 and June 2011 by creating fake contracts. He was arrested in June at Kennedy Airport after returning home from vacation in Bangkok.
He admitted to using the cash to buy a Ferrari, a Maserati, and homes in Manhattan, Brooklyn and New Jersey. As part of his plea deal, he returned the cars and real estate, valued at around $16 million, officials said.
Foster’s lawyer, Isabelle Kirshner, said it was in his best interest to plead guilty after reviewing the government’s evidence against him. While Foster could face up to 30 years in jail, it’s more likely he’ll serve closer to 10 years under sentencing guidelines.
“The defendant violated his employer’s trust and stole a stunning amount of money over an extended period of time to finance his personal lifestyle,” U.S. Attorney Loretta Lynch said in statement.
"We are pleased that Mr. Foster will be held accountable for his crimes," a Citibank spokeswoman said in an email Tuesday.