Charles Antonucci Sr., the former president of a now closed small business bank in New York has been arrested on charges of fraud. Antonucci was allegedly involved with attempts to defraud the bank and its overseers, most notably, the Fed’s Troubled Asset Relief Program.
The former President and CEO of The Park Avenue Bank in New York, has been charged with fraud after falsifying information on a TARP Application. Additionally, Antonucci is suspect of mail fraud, embezzlement, bank fraud, bank bribery, wire fraud and making a counterfeit certificate of deposit. Prosecutors from the U.S. attorney's office allege that Antonucci was involved in self-dealing and bartering criminal payments and benefits from customers for improper loan extensions.
In an example brought to light by regulators, Antonucci is suspected of designing false "round-trip" transactions in order to deceive bank regulators into believing he had invested $6.5 million into restructuring, when in fact he had taken the money.
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