Park Avenue Bank Failure Tied to Fraud

NEW YORK TheStreet) -- Charles J. Antonucci, the former president of failed Park Avenue Bank, is accused of engaging in fraud against the Federal Deposit Insurance Corp. and the Troubled Assets Relief Program, according to a federal complaint.

Antonucci was taken into custody on Monday, according to a Dow Jones report.

Park Avenue Bank was shut down by the New York State Banking Department on Friday. The FDIC subsequently sold the failed bank's deposits and assets for a small premium to Valley National Bancorp(VLY). Antonucci had resigned from Park Avenue Bank in October.

Among the many charges detailed in the complaint, Antonucci is accused of falsifying transactions to back his claim of investing $6.5 million of his own money to provide much-needed capital to the bank in connection to Park Avenue Bank's application for TARP money.

Other allegations in the complaint include approving a loan application that didn't meet the bank's credit policy requirements "in order to enrich himself and another individual" and demanding "things of value" from another loan applicant, including the use of an airplane for personal trips.

Ongoing Bank Failure Coverage

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-- Written by Philip van Doorn in Jupiter Fla.