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Former Park Avenue Bank CEO Arrested and Charged with Federal Crimes

Former Park Avenue Bank President Charles Antonucci was arrested and charged today with lying on a federal application and using criminal means to defraud the bank of federal funds.

U.S. Attorney Preet Bharara held a press conference Monday to discuss Antonucci's morning arrest and the charges against him. The charges will include bank fraud, embezzlement, wire fraud and bribery, Bharara said.

Antonucci lied to the Treasury Department about Park Avenue's capital on an application to receive $11.2 million from the U.S. Troubled Asset Relief Program, according to the complaint filed in federal court. It also alleges Antonucci defrauded the Federal Deposit Insurance Corp. by saying he invested $6.5 million of his own money to add capital to the bank, when it was actually the bank's funds. The statement also said that Antonucci approved several loans for companies not eligible for credit so that he would receive the money and that he tricked pastors in Coral Springs, Fla., into wiring $103,000 into a bank account he controlled.

The arrest comes just one week after regulators closed the Park Avenue Bank on March 12 and appointed the FDIC as receiver. The case is U.S. v. Antonucci.

To read more on this story please follow this link: http://www.bloombergradio.com/apps/news?pid=20601127&sid=a4ESxom.dIhs

Krystal Wilson

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