You can bet a bank CEO is going down when he tries to rip off New York’s upper crust.
When FDIC shuts down a bank they do it at the end of business on a Friday. This is what happened to Park Avenue Bank two Fridays back. Since then the regulatory body has discovered that the bank had phony CDs on record.
Since this is the first time criminal charges have been filed against someone for TARP infractions, the court and Antonucci himself are maneuvering in unchartered waters. The Park Avenue Bank was seized on Friday, March 12, making it one of three banks taken over by bank regulators. The Federal Deposit Insurance Corporation estimates its loss at $50.7 million for the Park Avenue Bank failure. The special inspector general assigned to oversee TARP says, “The charges today should send a powerful message to those who have tried to steal from the TARP, those who have stolen from the TARP and those who are contemplating similar fraudulent action.”