BANKERS ARE EXPERTS AT HIDING FEDERAL BAILOUT MONEY
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.