Park Avenue Bank’s President Charles Antonucci Accused of Defrauding TARP

March 25th, 2010
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Charles J. Antonucci Sr., former banker and president of Manhattan’s Park Avenue Bank, misled state and federal officials to think he bailed out his bank in the fall of 2008 using $6.5 million of his own money when it was actually the banks’ money. A recent New York Times article states that he was charged on March 15th with bribery, fraud, and embezzlement in what is considered the first incident of government bank bailout program fraud.

Mr. Antonucci tried to falsely strengthen the bank’s image for an application for over $11 million from the Troubled Asset Relief Program by transmitting the money through entities he supervised and buying a majority share of the bank as if it were done by investors. The application was withdrawn after federal officials decided the bank was not stable enough to be bailed out in February 2009.

New York State banking regulators shut down Park Avenue Bank on March 12th and the Federal Deposit Insurance Corporation seized and sold it to New Jersey’s Valley National Bank. None of the bank’s customers are expected to lose any money from this transition.
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Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

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