Ex-Citigroup VP gets eight years for stealing $22 million

NEW YORK (Reuters) - A former Citigroup Inc vice president who admitted to embezzling more than $22 million was sentenced on Friday to 8 years in prison, federal prosecutors said.

Aaron Swartz's legal team and family are justifiably outraged at federal prosecutors, a man prosecuted by one of the same attorneys said.

Former Citigroup Inc.

A federal judge Friday sentenced a key player in the once-lucrative Jenkens & Gilchrist tax shelter practice to eight years in prison.  From the AP:

CEDAR RAPIDS, Iowa — Russell Wasendorf Sr., who admitted looting more than US$100-million from broker Peregrine Financial Group in a scheme that shook confidence in the U.S. futures industry, was sentenced to 50 years behind bars on Thursday. Wasendorf was ordered to pay US$215.5-million in restitution. Supporters of the disgraced 64-year-old executive had asked Chief Judge Linda Reade of the U.S. District Court of the Northern District of Iowa for leniency, arguing that Wasendorf is in frail health and that he had helped others even in the midst of his 20-year fraud.

An ex-General Motors Co. engineer and her husband were found guilty of stealing trade secrets on hybrid-car technology from the automaker to help develop such vehicles in China. A federal court jury in Detroit reached the verdicts today after a trial that started Nov. 5. Jurors began deliberating yesterday.