[ by Melanie Gretchen ] An ex-Citigroup Vice President was sentenced for fraud, following his trial in September, at which time he pled guilty for embezzling almost $23 million from the bank. Federal Findings and Allegations. Defendant Gary Foster of Englewood Cliffs, NJ, worked in the treasury finance department located at the Long Island City office of Citigroup.  Prior to his arrest, the native Jamaican (the country) was a success story - he began as a temporary employee before rising to VP, until his voluntary departure in January 2011, according to a person familiar with his employment. From 2003 to 2011, he caused some $900,000 to be moved from its interest-expense account and some $14.4 million from its debt-adjustment account to the bank’s cash account, according to prosecutors.  He then funneled the money out of various Citi accounts into his personal account at JPMorgan in 8 transfers.  The transactions were detected by internal audit, but in response, he apparently covered up his guilt by making false accounting entries. With his "new found" money, Foster went on a spending spree, buying real estate and luxury sports cars, including a Ferrari and a Maserati. Federal Sanctions. Since his arrest last June at New York’s John F. Kennedy International Airport after his return from Bangkok, the government has seized or restrained property from Foster valued at a total of $14 million.  In addition, he agreed to forfeit some $16 million in properties, including residences in Manhattan, Brooklyn and New Jersey, as well as the Ferrari and Maserati.  He further was sentenced to 97 months (8 years). The case: U.S. v. Foster, 11-cr-00601, U.S. District Court, Eastern District of New York (Brooklyn). For further details, go to [Bloomberg, 6/30/12].