Park Avenue Bank CEO Charles Antonucci Admits To Stealing $11 Million From TARP, And To Being Too Small Too Succeed
The saga of Park Avenue Bank's Charles Antonucci is over. The bank president who on March 15 was arrested on charges of engaging in a broad range of illegal conduct that
contributed, in part, to the bank's demise, but most importantly to stealing $11 million from TARP. Well, tonight the FBI has just announced that Antonucci has formally admitted to and pled guilty to securities fraud relating
to his attempt to fraudulently obtain more than $11
million worth of taxpayer rescue funds from the Troubled Asset
Relief Program ("TARP"), bank bribery, embezzlement of bank
funds, and participating in a $37.5 million scheme that left an
Oklahoma insurance company in receivership. Then again, this is what every other CEO in America is guilty of every single day. Which means that only thing Antonucci really pled guilty to was being a stupid enough to keep Park Avenue Bank Too Small To Succeed. As we all know the TBTF curtain is the only alibi all the other criminals in the industry resort to when the congressional theater convenes. Moral of the story: unless you can threaten the world with collapse, you will go to jail. And the penalty for this magnitude of stupidity is death: "Antonucci, 59, faces a maximum sentence of 135 years in
prison on the charges to which he pled guilty. He is scheduled
to be sentenced by the U.S. District Judge Naomi Buchwald on
April 8, 2011." So one down, and only about a million more to go... But not before they all collect the $144 billion in bonuses they have worked so to destroy shareholder value for this entire year (or so we can dream).
And here is tonight's dose of concentrated humor from the FBI release:
Manhattan U.S. Attorney PREET BHARARA said: "Today's
guilty plea, the first ever conviction for fraud against the
TARP, should send a strong message to all those who would attempt
to loot the public fisc or steal from our financial institutions:
This Office and our law enforcement partners will be
watching. Whether you are a bank teller or a bank president, you
are not above the law."
HA HA HA
We read on:
SIGTARP Special Inspector General NEIL M. BAROFSKY
said: "In March, Charles Antonucci become the first defendant
charged with attempting to steal from the taxpayers' investment
in TARP. Today, he becomes the first to be convicted. Today's
plea marks an important chapter and demonstrates that SIGTARP and
its law enforcement partners will ensure that would-be wrongdoers
who seek to profit criminally from this historic program will be
caught, charged, and brought to justice."
And so forth. If Preet Bharara fails in his FBI career (and he will once Jamie makes a few phone calls) he can always do stand up.
Yet the comedy continues:
FDIC-OIG Inspector General JON T. RYMER said: "The
Federal Deposit Insurance Corporation Office of Inspector General
is pleased to join the U.S. Attorney's Office for the Southern
District of New York and our law enforcement colleagues in
announcing this guilty plea. We are particularly concerned when
senior bank officials, who are in positions of trust within their
institutions, are involved in criminal activity. Prosecutions of
individuals and entities involved in criminal misconduct help
maintain the safety and soundness of the Nation's financial
At this point if your lived doesn't hurt from laughing too hard, English must be your 18th language.