A former Citigroup Inc. accountant was charged this week
Gary Foster was arrested Sunday for allegedly moving the funds from Citi debt-adjustment and interest-expense accounts into a personal account he held with JPMorgan Chase & Co., The New York Times reported Tuesday. He was arrested Monday at Kennedy airport in New York after returning from an international trip. He pleaded not guilty Monday to charges of bank fraud, the article said.
Foster allegedly made eight separate transfers to move the money to his personal account, the article said. He used false contract or deal numbers in the reference line of the wire transfers to obscure the nature of the transactions, according to federal prosecutors. Foster quit his job for unknown reasons in January, the article said. According to his profile on LinkedIn, Foster is now a part-time hedge fund consultant.
Today Foster owns six properties across New York and New Jersey, including one so lavishly decorated that the bathroom mirrors become video screens when touched, the Times said.
The fraud was discovered when Citi conducted an internal audit in recent weeks, the article said. Citi said it immediately contacted law enforcement officers.
Separately, Citi said Friday that the hackers who compromised 360,000 of its credit card accounts
