NEW YORK -- A former foreign exchange marketing officer for Citibank has pleaded guilty of embezzlement and money laundering in a scheme that caused the Citicorp subsidiary to lose $1.4 million, federal prosecutors in Manhattan said.

Antoine Moreb, 31, of Brooklyn, faces a maximum penalty of 50 years in prison and fines that could exceed $3.7 million. While working in the Citibank private banking group from July 1989 to February 1992, Mr. Moreb was said to have gained access to Citibank's corporate funds.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.