The Park Avenue Bank President arrested on fraud charges

NEW YORK (BNO 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.

In March 2009, Antonucci told the Information Security Media Group that he withdrew his application for federal Troubled Asset Relief Plan (TARP) funds. “I don’t need TARP money,” he said.

Prosecutors will discuss the case during a press conference at 1 p.m. ET.

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