Mar 15, 2010 2:23 PM

Man arrested for bank bailout fraud

The former president of a small community bank has become the first person ever charged with trying to defraud the bailout program

Charles Antonucci was arrested Monday on charges accusing him of stealing to live a lavish lifestyle that included a Super Bowl junket.  The 59-year-old Fishkill resident was charged in Manhattan federal court with crimes carrying a potential prison sentence of up to 260 years in prison.

Antonucci resigned last year as president of The Park Avenue Bank. The bank is headquartered in Manhattan with four retail branches in Manhattan and Brooklyn.
Among other allegations, Antonucci was accused of using false information to request $11 million from the federal government's TARP bank bailout program.

His lawyer had no immediate comment.


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