BANK CEO CHEATS AMERICANS OUT OF MILLION$ IN TARP MONEY

Thursday, October 14, 2010
By Paul Martin

By NWV News writer Jim Kouri
October 14, 2010
NewsWithViews.com

Neil Barofsky, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), had warned lawmakers, “Inadequate oversight and insufficient information about what companies are doing with the money leaves the program open to fraud, including conflicts of interest facing fund managers, collusion between participants and vulnerabilities to money laundering.”

Charles J. Antonucci, 59, the former President and Chief Executive Officer of The Park Avenue Bank, pled guilty last week in Manhattan federal court to multiple criminal charges relating to Antonucci’s attempt to fraudulently obtain more than $11 million worth of taxpayer rescue funds from the Troubled Asset Relief Program (“TARP”). He also pled guilty to bank bribery, embezzlement of bank funds, and participating in a $37.5 million scheme that left an Oklahoma insurance company in receivership.

The Rest…HERE

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