Banker Charged With Defrauding TARP

In a “desperate attempt” to salvage his New York bank, longtime finance executive Charles J. Antonucci Sr. allegedly lied to regulators to receive around $11 million through the U.S. government’s Troubled Asset Relief Program. The former president and chief executive of Park Avenue Bank of New York is the first person to be charged criminally with attempting to defraud TARP, The Wall Street Journal reports. He’s also been accused of bribery and other crimes, including “accepting free plane rides from a bank customer and stealing $103,000 from pastors of a church.” The bank, which specialized in commercial real-estate loans, failed on Friday after piling up more than $27 million in net losses last year. Antonucci could face up to 30 years in prison for each fraud or embezzlement charge.


Filed under Crimes

6 responses to “Banker Charged With Defrauding TARP

  1. Zippy

    Look out. According to one financial expert on NPR, real estate property could be the next big collapse. That happens, the story goes, it could take what’s left of the same community banks with it.

    You know, the ones who lend to small businesses?

    Excuse me, I need to pull the covers back over my head! 😉

  2. indypendent

    Only one banker charged? What about the too-big-to-fail Wall Street Boys? Don’t try to tell me there is not one crook in that bunch!

  3. fnord

    I would never try to tell you that! We’re both smarter than that! I have lost confidence in people being brought to accountability. Doesn’t seem like it will happen under this administration any more often than it did the last one.

    We will the voters hold them accountable?

    This is today’s most frequently asked question answered by the Coffee Party Movement —

    FAQ #2: Is the Coffee Party USA liberal, centrist, progressive or conservative?

    The Coffee Party USA is not liberal, centrist, progressive or conservative. It is American. In fact, we challenge these labels that describe political orientations because they create the illusion of division among the American people and obscure the real problem in our politics today: the disproportionate and corrupting influence of corporate and other special interest in our government.

    I hope they’re genuine. I’m so sick of the Republican Party idiots who disguise themselves as something new with their tea bag movement! And, I’m more than sick of their anger, violence and insubordination. They’ve forgotten how to behave as adult people. I’ll take the moderates of every persuasion any day, because I haven’t given up that they represent the majority of Americans.

    • indypendent

      I am taking the ‘wait and see’ strategy about the Coffee Party.

      If I see any movement of organized Democrats or Republicans trying to hijack the Coffee Party, like the Tea Party was hijacked by Fox News and Republicans, then I will have nothing to do with them.

      After all, I am ‘fair and balanced’ and will treat both parties like they deserve!

    • fnord

      I am also waiting, paying attention, but not convinced. I think the tea party showing their butts has made me cautious.