Bank Presidents Charged with Stealing TARP Money- First of Many to Come


The first indictiment of what we predict kicks off a generation long series of civil and criminal trials regarding billions of dollars of of stolen TARP money has finally arrived.

Bank managers and their many friends offshored billions of dollars of TARP money into personal trust accounts.

Just days after the New York State Banking Department (NYSBD) closed The Park Avenue Bank, the failed bank’s former president was arrested, allegedly becoming the first defendant ever charged with attempting to defraud the TARP.

Charles Antonucci, Sr., the 59-year-old president and CEO of The Park Avenue Bank from June 2004 to October 2009, is accused of self-dealing, bank bribery embezzlement and fraud, according to Preet Bharara, the US attorney for the Southern District of New York.

In a complaint unsealed in Manhattan federal court, Antonucci is alleged to have attempted to deceive the NYSBD and the Federal Deposit Insurance Corp. (FDIC) into believing he invested $6.5m of his own money to shore up The Park Avenue Bank’s capital position. In reality, the compliant continues, Antonucci took the money from the bank, transferred it into accounts he controlled, and later re-deposited the funds.

Published by Stout Law Firm

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3 thoughts on “Bank Presidents Charged with Stealing TARP Money- First of Many to Come

  1. Henry Portner has been practicing law for over 35 years. My knowledge and experience is both deep and diverse. Mr. Portner is licensed in six states, Florida, New Jersey Pennsylvania, Colorado, South Carolina and Georgia. Henry has practiced in a variety of areas, specializing in Real Estate Law and Commercial Litigation.

    Consumer Lawyers of America, PA
    Henry N. Portner Attorney at Law

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  2. Many of our attorney clients have been saying this would happen. The only reason this guy got popped is because he didn’t have the right connections. The bigger guys will go scott free. Most of the treasury suits we have now used to be at Goldman Sachs. See how many of the Goldman Sachs guys get indicted…none. They brought down AIG but nothing will happen to them.

    You are either on the inside or the outside. This guy, Charles Antonucci, obviously small fish on the outside.

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