This was Palo Alto, Calif., however, where one can be declared dead and barred from both golf clubs and health spas for looking insufficiently tan or inadequately Botoxed, and inheriting relatives don't dilly dally over financial divisions, if only due to financial pressure from their personal fashion designers.
"Tamara Moon used her knowledge of Citigroup's lax supervisory practices at the branch to take advantage of some of the firm's most vulnerable customers, including the elderly. Citigroup had reason to know what she was doing and could have stopped her," according to Brad Bennett, FINRA EVP and chief of enforcement.
In the other case an insider named Gary Foster, who allegedly took advantage of his job in the company's treasury finance department to shift money from special escrow accounts into Citi's cash account and then, in eight smaller wire transfers, to a personal account outside the bank.
Foster was arrested June 26 by the FBI, as he returned from a business trip to Bangkok.
As flat-out thefts, these two incidents differ from the previous two breaches at Citi, one of which involved penetration by hackers fiddling their way through overly simple URL schemes that allowed them to guess the proper subdirectories and account numbers to hit. The direct take as of a week or so ago was $2.7 million in fraudulent claims against 3,400 accounts and the loss of full or partial information from 360,000 accounts.
The other involved an employee in a Citigroup subsidiary in Japan who printed off data from about 92,000 customer credit-card accounts, then walk out the door with them.
That is actually the new fashion in bank-related insider scams, according to a bank security expert Shirley Inscoe, director of financial services solutions at Memento and a former risk management executive at Wachovia, as quoted in BankInfoSecurity.