P.M. BRIEFING : Banker Had Expensive Tastes
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NEW YORK — A former Citibank manager pleaded guilty to embezzling $3 million by writing 165 unauthorized bank checks to buy items ranging from a country home to rare artwork and expensive jewelry.
Becky Schafer, 29, who managed the corporate trust services department at the bank’s Wall Street office, entered the plea Thursday in federal court.
Schafer, who began her job at Citibank three years ago, admitted in court to embezzling the funds between December, 1987, and last June. Many of the unauthorized checks were made payable to businesses where Schafer went on spending sprees to buy a BMW car, an expensive house in Kansas City, Mo., and other luxuries.
She faces a maximum penalty of 20 years in prison and a $250,000 fine or twice the bank’s loss.
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