Tuesday, March 16, 2010

Stiff Cover Charge: Ex-Bank Exec Arrested for [Alledged] TARP Theft

Charles Antonucci, former president of Park Avenue Bank, has been arrested on the charges of attempting to steal $11 million in Troubled Asset Recovery Program (TARP) funds. Additionally, Antonucci has been accused of attempting to bilk a Florida churches out of $100,000 in building funds. Antonucci used a variety of somewhat elaborate schemes to defraud the bank and its stakeholders, but FDIC regualtors started to figure out that things were amiss.

Add Antonucci to the Bernie Madoff line of those who convince themselves that they will never be caught. Hope he enjoyed his lifestyle of the last several years, it will be a long time before life is this good for him again, even if he "beats the rap."


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