Monday, October 11, 2010
Former NYC Bank Exec Pleads Guilty To Embezzling TARP Funds
Charles Antonucci, Sr., 59, of Fishkill, New York, pleaded guilty to charges that he lied to bank regulators and embezzled Troubled Asset Relief Program funds from Park Avenue Bank in New York City where he had served as president. Antonucci, believed to be the first person convicted of trying to defraud TARP, pleaded guilty to felony counts of fraud, bribery, embezzlement and conspiracy. Antonucci admitted with his guilty plea that he lied to get more than $11 million in federal bailout funds for the bank, took bribes and embezzled money and participated in a scheme to defraud Oklahoma insurance regulators in the $37.5 million sale of an insurer that was later forced into receivership. Antonucci was arrested last March and is scheduled to be sentenced in April 2011. As part of his plea deal, Antonucci agreed to pay $11.2 million in restitution.