06/29/2012 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

New York – A former vice president of Citigroup Inc has been sentenced for embezzling $22 million from the company between 2003 and 2010. As reported by Reuters, Gary Foster, 35, received a prison sentence of 8 years on Friday, months after pleading guilty to the bank fraud charges in September.

Prosecutors assert that Foster used money stolen from the corporation to purchase luxury items such as a Ferrari and Maserati, as well as various properties.

An attorney for Foster, Isabelle Kirshner, is quoted in the report as stating of the case, “While obviously we anticipated this would be a serious sentence, since it was a serious crime, we’re grateful that the judge took other matters into account.”

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