Bank CEO Pleads Guilty to TARP Fraud

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Former CEO: Park Avenue Bank

Former CEO of New York-based Park Avenue Bank has pleaded guilty of attempting to defraud the government’s TARP program, intended to rescue financial institutions resulting from the country’s credit meltdown. ¬†Charles J. Antonucci Sr., pleaded guilty in U.S District Court in Manhattan to various criminal charges including embezzlement, bribery and securities fraud.

Antonucci was accused of using funds obtained illegally from the bank in a complicated round-trip investment scheme and other acts of fraud involving customer bribes and using bank employees for non-bank business. As part of the plea arrangement, Antonucci agreed to pay fimnes of $11.25 million, and forfeit assets including bank accounts, a condominium in Florida and a time share property in Aruba.

The New York Times

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