By Joe Valiquette
DNAinfo Reporter/Producer
MANHATTAN — A former president and CEO of The Park Avenue Bank is accused of attempting to defraud the TARP program out of $11 million and scamming the bank out of money to help fund his lavish lifestyle, which included private jets to the Super Bowl and tickets to the Masters golf tournament, prosecutors said Monday.
Federal and state officials announced the arrest Monday of Charles Antonucci for what they called a "blatant attempt to steal more than $11 million of TARP funds."
Antonucci, 59, was also charged with bribery, embezzlement and fraud in connection with actions he took while working as president and CEO of the bank from 2004 to 2009, prosecutors said.
Antonucci allegedly schemed to authorize the bank to extend hundreds of thousands of dollars of credit to a company he owned, violating the bank's rules against self-dealing, court papers said.
Prosecutors claim he also approved $8.5 million worth of overdrafts at the bank to companies controlled by a close associate, who allowed Antonucci the use of a private plane to fly free to the Super Bowl in Arizona and the Masters golf tournament in Georgia, among other trips.
Antonucci also arranged for the bank to pay for improvements, leases and expenses on three properties he owned in Fishkill, N.Y., prosecutors said.
The announcement of the charges follows the seizure last Friday of the bank located at 460 Park Ave. by the New York State Superintendent of Banks, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC has arranged for the sale of the bank, officials said.
Antonucci is also charged with attempting to deceive regulators by alleging he had invested $6.5 million in the bank to improve its capital position. Prosecutors said that under Antonucci's direction, the bank loaned $6.5 million to entities associated with him and that he then re-deposited the money into the bank in exchange for a 52 percent controlling interest in the bank's holding company.
Antonucci, who was arrested at his Fishkill home early Monday, faces up to 260 years in prison if convicted on all charges, prosecutors said.
Officials said more information regarding the failure of The Park Avenue Bank can be found on the FDIC Web site.
