Former President Of Just Failed Park Avenue Bank Arrested On Bank Bribery, Embezzlement And Fraud Charges

Tyler Durden's picture

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:

A former president of a privately-held New York bank, Park Avenue Bank, was arrested Monday on charges including bank bribery, embezzlement and fraud, a federal prosecutor said.

A source familiar with the case identified the banker as Charles Antonucci, who was president of the bank from June 2004 to October 2009.

On Friday, state regulators closed Park Avenue Bank, which had assets of $520.1 million and deposits of $494.5 million at the end of 2009, according to the Federal Deposit Insurance Corp.

The charges against the former bank president include self-dealing, bank bribery, embezzlement and fraud on the New York state banking department, FDIC and the Troubled Asset Relief Program (TARP), the statement by Manhattan U.S. Attorney Preet Bharara said.

His office said U.S. officials were to disclose more details at a press conference at 1 p.m. (1700 GMT) on Monday.

In November the bank applied for a bailout of less than $12 million under the TARP program but withdrew its application over concerns about restrictions on banks that receive taxpayer money, bank chairman Donald Glascoff said on March 10.

This is truly not surprising: in the corrupt world of Wall Street banking, it appears that rampant criminality has long since become the norm, with selective enforcement here and there to make it seem that perpetrators get punished. The next question: where's Fuldo.

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deadhead's picture

Thanks for printing this Tyler.

This is a start....but, there are many more of these scumbags to go.


Cognitive Dissonance's picture

".....(presumably, without any outright fraud disclosed just yet among the TBTFs)."

Tyler, that is a mighty large presumption to make, which you clearly hedged with the "just yet" portion of your comment.

Can I take the other side for $10 Trillion?

MarketTruth's picture

As i have posted on ZH before, they love 'small fish' while the big ones swim freely without worry.... just like the major drug dealers to the DEA in Miami-Dade during the 1980's. Wake me up when one of the Big Fish gets caught and brought to full justice.

Start with the vampire squid Goldman Sachs and work your way from there.

Assetman's picture

Agreed.  My initial reaction to this was... "small potatoes".

The Goldman players will be the very last implicated... plenty of time to prepare the public that they are a woefully incompetent bunch... as opposed to the smartest guys in the room.

Rick64's picture

 just like the major drug dealers to the DEA in Miami-Dade during the 1980's.

 I lived there at the time and it was quite a show and the media played their part well too.

marvincooley's picture


In a crony world only the non cronies get prosecuted. The cronies own the prosecutor and he does what they tell him to do. They might throw a crony who has fell out of favor under the bus to appease the masses but you can be assured if it is the D of Injustice doing the prosecuting its cronyville.

sodbuster's picture

His next job could be an appointment to the Fed Reserve!

Hulk's picture

Fall guy to take the public focus off the real criminals...

Big Al's picture

Wonder how the Feds even found out about his crimes.  It couldn't have been an informant's allegation, they routinely ignore those.  Maybe he was involved in organized crime.

SteveNYC's picture

"in the corrupt world of Wall Street banking, it appears that rampant criminality has long since become the norm, with selective enforcement here and there to make it seem that perpetrators get punished"


Never has a truer statement summed up the current state of affairs.

Postal's picture

In other words, he didn't contribuite to the DA's re-election campaign...

Astute Investor's picture

Given his availability, Obama can now nominate Antonucci for the VC opening at the Fed....

curbyourrisk's picture

Wake me when they get somone who matters

Rainman's picture

Charlie will take the Dick Fuld defense....." I din't know nuttin ".

MagicHandPuppet's picture

Could I get one order of small banker taters please, with a coke and a smile, so that the peasants think we are doing something to protect them.  Oh, and if those pesky 'gold-bugs' continue chasing Timmay and demanding justice, we may need to throw out an order of large banker taters, a little higher up the food chain.  Perhaps a Fuld tater will be in order, but we'll make them think that's the grand prize after a couple of years of demanding 'justice'.

ZerOhead's picture

A little blood-letting to 'quench' the masses thirst for justice. A case of too small to survive obviously... incapable of performing 'Gods Work' where same is comprised of buying politicians and regulators.

The 'Fuld tater' take is 100% spot on!

trav7777's picture

The Martha Stewart of the banking fraud community

naiverealist's picture

Maybe this is will be acted out the same as Aig's Greenberg.  Take him into court, but do such a lousy job that the judge throws the case out or awards in favor of the defendent, then double jeopardy prevents him from really being prosecuted. It's been done before . . . .

Shameful's picture

Wait fraud is still illegal?!?  I thought that got changed, does Wall Street and the Government know?!?

Like anything else the little guys will take the fall.  Let me know when Dimon gets picked up or Fuld.

SRV - ES339's picture

Obviously Charles was not doing "God's Work"... with assests under a billion.

faustian bargain's picture

He probably sealed his demise by putting himself on the radar, with the TARP application that he subsequently canceled.

faustian bargain's picture

Would be funny if we learn the amount he embezzled was $12 million.

Gimp's picture

Not allowing the TARP oversight in the door was his undoing.

Concur on the Big Fish, Little Fish theme. How about some of the publicly held banks? WTF.

CB's picture

so much banker fail on so many levels.

Adam Neira's picture

"They hang the man and flog the woman that steal the goose from off the common, but let the greater villain loose that steals the common from the goose."

English folk poem, circa 1764

No More Bubbles's picture

This is right up there with Martha Stewart.   Yet again, the REAL FRAUD continues with the REAL CRIMINALS even MORE brazen than ever; but "they" have got to pretend to do something, so this guy goes down.

Not to say he shouldn't go to jail; but this is like ticketing someone for spitting gum on the sidewalk while 10 feet away someone is stealing the purses and wallets of everyone walking by while the "cop" is writing the gum spitting ticket.

This whole system is so systemically corrupt that the only real thing to do is for people to start blowing some fu*king heads off!


Buck Johnson's picture

You may be correct AssetMan, when the stuff hit the fan and our economy and dollar goes belly up they will need people to blame and the politicians being politicians will through the big boys like Goldman Sachs and others to the mob in order to protect themselves from any propriety of being to soft or friends with them.  Everyone I have a question, weren't the US supposed to have been good financially because they where transparent in their financial dealings?  It's starting to turn out that our banks and our watchers of the banks act like a third world banking system. 

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