Gary Foster, a former Citigroup Inc. vice president accused of embezzling $22.9 million from the bank, pleaded guilty to one count of bank fraud in federal court in Brooklyn, N.Y.
Foster, 35, of Englewood Cliffs, N.J., was arrested in June at New York's John F. Kennedy International Airport after returning from Bangkok. Foster, who worked in the bank's treasury finance department, transferred money from Citigroup accounts and ultimately to his own account at JPMorgan Chase & Co.
"I executed a scheme to defraud Citigroup," Foster told U.S. District Judge Eric Vitaliano Tuesday. "I directed funds to be wired into my personal account at JPMorgan."
Foster faces a maximum of about 10 years in prison, Assistant U.S. Attorney Michael Yaeger told Vitaliano. Shannon Bell, a spokeswoman for New York-based Citigroup, did not have an immediate comment today.
