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Entries in Bank Fraud (2)

Sunday
Jul082012

Missing Official from Closed Georgia Bank

Nick M Do/Getty Images(AILEY, Ga.) -- The Montgomery Bank & Trust in Ailey, Ga., which was seized by the Federal Deposit Insurance Corporation on Friday, has a missing board member alleged to have stolen millions of dollars from the bank, according to the Wall Street Journal.

The U.S. attorney’s office on Tuesday charged Aubrey Lee Price with embezzling $17 million from the bank from wire fraud.

Authorities are still looking for the banker. Investigators say he was last seen on a ferry in Key West, Fla. and may be headed to Venezuela because he has real estate there.

Copyright 2012 ABC News Radio

Monday
Jun272011

Bank Fraud Charges Brought Against Ex-Citigroup VP

Photos.com/Thinkstock(NEW YORK) -- A former Citigroup vice president is facing bank fraud charges for allegedly embezzling over $19 million.
 
Gary Foster, who formerly worked as a vice president in Citigroup’s treasury department, was arrested on Sunday at New York’s John F. Kennedy International Airport, where he had just arrived on a flight from Bangkok, Thailand.
 
According to the criminal complaint, Foster, 35, transferred money from various Citigroup accounts to Citigroup’s cash account and then to his personal account at a different bank. The former vice president is accused of using a fraudulent contract or deal number in the wire transfer process to make it look as if the money was being transferred in support of an existing contract.
 
“The defendant allegedly used his knowledge of bank operations to commit the ultimate inside job,” United States Attorney Loretta Lynch said in a statement. “We are committed to ensuring the integrity of the banking system and to prosecuting those who would undermine it for their personal gain.”
 
Foster is accused of moving the money from Citigroup’s accounts to his personal account between July 2010 and December 2010.
 
Foster faces up to 30 years in prison if convicted.
 
Copyright 2011 ABC News Radio







ABC News Radio