By J. Preston Carter, J.D., LL.M., Editor, the CCH Federal Banking Law Reporter, CCH Financial Privacy Law Guide, CCH State Banking Law Reporter and Bank Digest.
The United States Attorney for the Southern District of New York has announced the arrest of Charles J. Antonucci Sr., the former President and Chief Executive Officer of The Park Avenue Bank, on allegations of self-dealing, bank bribery, embezzlement of bank funds and fraud, among others. Antonucci also was alleged to have attempted to fraudulently obtain more than $11 million worth of taxpayer rescue funds from the Troubled Asset Relief Program (TARP). He is the first defendant to be charged with attempting to defraud TARP.
According to U.S. Attorney Preet Bhara, “Charles Antonucci allegedly put his personal greed ahead of his professional duty, deliberately and repeatedly deceived regulators, and even attempted to obtain through fraud $11 million in taxpayer rescue funds from the Troubled Asset Relief Program. Regulators simply cannot do their job if financial institutions obstruct them. Lying to financial regulators is the economic equivalent of obstruction of justice. This Office will continue to work through President Obama's Financial Fraud Enforcement Task Force with all of our agency partners to investigate and prosecute corrupt professionals in the financial services industry.”
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