The Real Deal Miami

Former Park Avenue Bank president style=”col

October 08, 2010 04:30PM

Charles Antonucci, the former president of New York’s
Park Avenue Bank, pleaded guilty today to fraud, admitting in Manhattan federal court that he stole $6.5
million from the bank and re-invested it under his own name, Reuters reported.
Prosecutors said Antonucci was the first person accused of attempting to steal U.S. government
bailout funds in the financial crisis. They also said that Antonucci, 59, made
false statements in the bank’s application for $11.2 million from the Troubled
Asset Relief Program. Antonucci was ordered to forfeit $11 million and interests in all of his properties under a
plea agreement. Antonucci admitted that he received
private planes, luxury cars and cash in exchange for doing special favors for
clients. “For these acts, I offer no excuse. I know what I was doing is
wrong and I apologize to those I hurt financially,” he said in court. [Reuters via NYT]