Indonesia: Citibank executive gets 8 years for fraud
A former Indonesian Citibank executive was jailed for eight years and fined US$1 million for stealing money from clients’ accounts according to the BBC. The woman stole US$4 million between 2007 and 2011 and transferred it to her relative’s accounts. The money was then used to buy luxury cars and fund a lifestyle beyond the executive’s means. Citibank said it has compensated its clients for their losses and strengthened its internal controls. The Indonesian government, however, still suspended it from selling wealth management services for year in an effort to encourage financial institutions to better screen their employees.