Former New York Bank Exec Arrested In First TARP/Bank Bailout Fraud

Charles J. Antonucci Sr., 59, of Fishkill, New York, and the former CEO of The Park Avenue Bank, was arrested today on charges of making false statements, self-dealing, bank bribery, embezzlement of bank funds and fraud, among other charges, in connection with the alleged misappropriation of more than $11.2 million in Troubled Asset Relief Program (TARP) funds. According to prosecutors Antonucci used another company he owned, Easy Wealth Group to mask some of the fraudulent transactions he was allegedly engaged in over the course of the scheme, from October 2008 until February 2009. Bank regulators seized the bank over the weekend.

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