Former executive Charles Antonucci of failed bank charged with fraud in connection with TARP bid

The former head of a failed bank was arrested Monday and charged with 10 federal counts including allegations that he tried to fraudulently obtain millions through the TARP program, according to a statement from federal prosecutors.

Federal officials say that Charles Antonucci, former president and chief executive of The Park Avenue Bank, gave false statements as he sought more than $11 million in aid for his bank through the Troubled Asset Relief Program.

Antonucci is the first defendant to be charged with trying to defraud the program.  He also faces a slew of other charges related to his allege use of his position at the bank to enrich himself.

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