U.S. Arrests Manhattan Bank Chief in First Ever TARP Fraud Case

By Kieran Beer and Brian Monroe

U.S. investigators arrested the former chief executive officer of a Manhattan-based bank Monday for allegedly embezzling money from a fraudulent loan and attempting to cheat the government out of federal bailout funds. Charles Antonucci, 59, purportedly misled federal financial regulators into believing he had loaned Park Avenue Bank $6.5 million of funds that instead came from the financial institution, according to a complaint filed in the Southern District of New York. The fake loan was among numerous false statements used by Antonucci in a failed attempt to secure $11.2 million in funding from the Troubled Asset Relief Program (TARP). Antonucci,...