Park Avenue Bank’s former president, Charles Antonucci, has been charged with fraud and embezzlement for shuffling funds to appear viable enough to receive a government bailout. In jail, Antonucci will learn what it means to really need to be bailed out.
The bank took $11.2 million in government bailout funds from the Troubled Asset Relief Program. Their defense is that $11.2 million is small, compared to the amount of money they pretended to have.
This outraged those who realize that the millions in hard-earned tax-payer dollars Antonucci took really belong in the pocket of other, poorly managed multi-million-dollar businesses.
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