* Pleads guilty to committing bank fraud between 2003-2010
* Government requests sentence of between 8-10 years
(Adds specifics of total seized assets, Foster's statements in
court and statements from prosecutor and defense lawyer)
By Jennifer Golson
NEW YORK (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.
Assistant U.S. Attorney Michael Yaeger said the government
will request a prison sentence of eight to 10 years. 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,
although his total seized assets were estimated at $16 million,
The defendant, who worked for Citigroup for 10 years, said
that between 2003 and 2010 he drafted emails and faxes
directing the funds to his personal account.
According to the government, Foster first transferred money
from various Citigroup accounts to Citigroup's cash account
and then wired the money to his personal bank account at
another bank. He concealed his thefts by, among other methods,
making false accounting entries to create the appearance that
the bank's cash account was in balance.
Foster used the money to buy real estate and luxury
automobiles, including a Ferrari and a Maserati, the government
said. Foster agreed to forfeit his interest in real estate and
luxury cars, Yaeger said.
After the hearing, Foster's lawyer Isabelle Kirshner said
the quick resolution came after they evaluated the government's
evidence. "It was in his best interest to resolve this case as
quickly as possible," she said.
U.S. Attorney Loretta Lynch said in a statement, "The
defendant violated his employer's trust and stole a stunning
amount of money over an extended period of time to finance his
(Editing by Derek Caney and Steve Orlofsky)
© 2013 Thomson/Reuters. All rights reserved.