Former Citigroup Exec Sentenced to Prison
For eight years, Citigroup executive Gary Foster was living the high life on borrowed funds. Embezzling more than $22 million in 2003-2011, Foster, vice president in Citigroup's treasury finance department in Long Island City, N.Y., racked up a $1 million condo in New Jersey, grand apartments in Brooklyn and Manhattan, along with a Maserati, Ferrari and a few BMWs, according to the Daily News.
"I can't give you an excuse why this happened," Foster told Judge Eric Vitaliano in Brooklyn Federal Court on Friday.
"It's just hard for me to comprehend, to look back and comprehend how crazy it was," he continued. "Why did I go as far as I did? There's no explanation."
The judge listened patiently and then summed up Foster's problem.
"It's greed," Vitaliano said. "You wanted the money."
Citigroup was just as clueless as Foster claims he is about the scheme, which was carried out from 2003 to June 2011 until he was busted at Kennedy Airport getting off a flight from Bangkok.
Read more at the Daily News.