[Vision2020] Another good argument for the death penalty

[Art Deco]

Another good argument for the death penalty:

Updated March 15, 2010

Ex-Bank President Arrested for Allegedly Lying to Get TARP Money

AP 


The former president of a small community bank was arrested on charges that he lied to the federal government to get a piece of the bailout program, authorities said Monday.

NEW YORK -- The former president of a small community bank was arrested on charges that he lied to the federal government to get a piece of the bailout program, authorities said Monday.

Charles Antonucci Sr. was charged in a criminal complaint filed in U.S. District Court in Manhattan with self-dealing, bank bribery, embezzlement and fraud.

Authorities said the rip-off targeted the New York State Banking Department, the Federal Deposit Insurance Corp. and the Troubled Asset Relief Program.

Antonucci resigned last year as president of The Park Avenue Bank, which is headquartered in Manhattan with four retail branches in Manhattan and Brooklyn.

Among other allegations, Antonucci was accused of using false information to request $11 million from the federal government's TARP bank bailout program.

The complaint accused him of lying to banking authorities in late 2008 and early 2009 to make them believe he had invested $6.5 million of his own money in the bank when the money actually belonged to the bank.

After the application for TARP money was rejected, Antonucci did a media interview in which he said the bank withdrew its application because of "issues" with the TARP program and a desire to avoid "market perception" that bad banks take TARP money, the complaint said.

Federal authorities say Antonucci actually wanted to obtain millions of dollars for his own use, in part so he could obtain a controlling interest in the bank.

They said he also permitted a former administrative assistant to obtain $400,000 of loans the assistant was not qualified for. The complaint said the former assistant is now cooperating.

The complaint alleged that Antonucci later used the former bank employee's private plane on 10 or more occasions, including trips to Phoenix to attend the Super Bowl, to Augusta, Ga., to watch the Master's golf tournament, a flight to Florida to visit a relative and a flight to Panama.

Antonucci's lawyer, Charles Stillman, said he had just gotten a copy of the charges. He declined immediate comment.
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