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[ISN] Citi Case Exposes Insider Risks
By Tracy Kitten
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
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.
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