Ex-Citibank Commodities Chief Gets 15 Months Jail
A U.S. judge sentenced the former head of the commodities trading desk at Citigroup's banking unit on Monday to 15 months in prison for his role in conspiring to inflate trading profits.
David Becker, 40, who pleaded guilty in September to one count of conspiracy to falsify bank records and commit wire fraud, was also fined $25,000 and will be required to pay Citigroup $200,000 in restitution within 30 days.
Becker was fired from his job as head of worldwide commodities trading at Citibank, a unit of the largest U.S. bank , for his role in a scheme to inflate his desk's trading profits by $20 million, to enhance his bonus in 2003. The $200,000 in restitution was based on part of the bonus he received that year.
U.S. District Court Judge Alvin K. Hellerstein, said Becker should report to prison on May 2, at a facility to be determined.
A co-conspirator, Charles Craig Gile, 42, pleaded guilty to one count of conspiracy to falsify bank records and to commit wire fraud in October. Sentencing for Gile is scheduled for April 20.