[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

[ISN] Citi Case Exposes Insider Risks


By Tracy Kitten
Managing Editor
Bank Info Security
July 5, 2011

On June 26, federal authorities arrested a former Citigroup executive for allegedly embezzling more than $19 million from Citi and its customers.

Gary Foster, who worked in Citi's treasury finance department, was arrested by the Federal Bureau of Investigation at John F. Kennedy International Airport, just as he returned from a trip to Bangkok.

The United States Attorney for the Eastern District of New York has charged Foster with bank fraud. If convicted, he could be sentenced to 30 years in prison.

The Foster embezzlement charge marks the second public blow Citi has taken in less than a month. Also in June, the bank revealed that its online banking platform, known as Citi Account Online, had been infiltrated by hackers. Personally identifiable information about hundreds of thousands of Citi customers was likely exposed.


Tegatai Managed Colocation: Four Provider Blended
Tier-1 Bandwidth, Fortinet Universal Threat Management,
Natural Disaster Avoidance, Always-On Power Delivery
Network, Cisco Switches, SAS 70 Type II Datacenter.
Find peace of mind, Defend your Critical Infrastructure.