“Oh my.” Those words, in a 9:51 a.m. chat on the day Citi mistakenly transferred $900 million to 315 creditors of cosmetics giant Revlon, marked Vinny Fratta’s initial realization of how extensive the error might be.
A trial, centered on the payment, opened Wednesday in federal court, with Fratta, a senior manager in Citi’s loan operations group, and other bank employees taking the witness stand.
Fratta represents two of the “six eyes” the bank relies on in its process of reviewing and executing wire transfers that originate in the asset-based transitional finance group.
