Former Citibank Exec Gets Eight Years for Fraud

Reports on Wednesday revealed that an Indonesian court has sentenced former Citibank customer relations manager Malinda Dee to eight years in prison after she was found guilty of embezzling more than $4 million from customer's accounts. Dee used the money to fund a lavish lifestyle, including luxury cars and cosmetic surgery. She will be less concerned with such matters now that she's sat in a cell. According to the BBC, the case has led to bigger question being asked by bank regulators about fraud in Indonesia. The country is home to many of Asia's richest people, but it is also ranked one of the most corrupt nations in the world. "The defendant's crime ran contrary to the government's programme of eradicating money laundering, which is a law enforcement priority," Judge Kusno said in a statement read in court. The prosecution had requested a sentence of 13 years, so it could be said that Dee has got off lightly. She will also have to pay over $1 million in fines. "We have worked closely with our customers to compensate them for the losses in their accounts caused by the former relationship manager's unauthorised transactions," the bank said in a statement welcoming the verdict. "We have further strengthened our internal controls to protect our customers against fraudulent activities."