A former Citigroup vice president was charged with embezzling millions in a one-man "inside job."  He allegedly conducted a series of secret money transfers on his way to embezzling $19.2 million from the bank.  Gary Foster, 35, of Englewood Cliffs, NJ, was arrested Sunday at JFK Airport after arriving on a flight from Bangkok.  His attorney said her client had "returned voluntarily and is prepared to address the issue."  He's scheduled to appear in federal court today, Monday, to face bank fraud charges carrying a maximum penalty of 30 years in prison.

Fosters, a VP in Treasury Finance, allegedly "used his knowledge of bank operations to commit the ultimate inside job," according to U.S. Attorney Loretta Lynch.  According to the criminal complaint, Foster's department financed loans and processed wire transfers within Citigroup.

From May 2009 through the end of 2010, Foster siphoned funds from various Citigroup accounts, placed them in the bank's cash account, then wired the money into his private account at another bank in New York., the complaint alleged.  In one November 2010 transaction, he wired $3.9mn from a Citigroup fund in Baltimore to his New York account.  That fraudulent transfer and 7 others went undetected - apparently until a recent internal audit.   [Associated Press, 6/27/11]