Zero Hedge
March 15, 2010

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On FDIC Failure Friday, one of the odd names to make the list of bank failures was New York’s very own Park Avenue Bank, whose president Charles Antonucci in March of 2009 was trumpeting the bank’s “resilience” by saying “I don’t need TARP money” and as result declined to accept taxpayer bailouts. Certainly with Friday’s failure, Antonucci’s statement seems a little short-sighted. What is more relevant, is that it was just announced that Antonucci, who was the bank’s president from June 2004 to October 2009 has been arrested on bank bribery, embezzlement and fraud charges. Makes you wonder just how safe the “safe” banks are, if only the bailout recipients are doing so-so in the current environment (presumably, without any outright fraud disclosed just yet among the TBTFs).

From BNO Breaking News:

The former President of The Park Avenue Bank in Manhattan, which was closed by regulators last Friday, has been arrested on fraud charges, prosecutors said on Monday.

A spokeswoman for the U.S. Attorney’s Office for the Southern District of New York said Charles Antonucci was arrested on allegations of self-dealing, bank bribery, embezzlement, and fraud on the New York State Banking Department, FDIC and TARP.

And some more from Reuters:

Read entire article

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