Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

First TARP scammer convicted

By Charles Riley, staff reporter

NEW YORK (CNNMoney.com) -- Government prosecutors got their first conviction of a person accused of defrauding the Troubled Asset Relief Fund Friday.

Charles Antonucci, the former president of the Park Avenue Bank, pleaded guilty in federal court to defrauding the TARP fund, securities fraud, self-dealing, bank bribery and the embezzlement of bank funds.

"Today's plea marks an important chapter and demonstrates that SIGTARP and its law enforcement partners will ensure that would-be wrongdoers who seek to profit criminally from this historic program will be caught, charged, and brought to justice," Special Inspector General Neil Barofsky said in a statement.

Barofsky heads SIGTARP, the watchdog group charged with prosecuting those who waste, steal or abuse TARP funds.

Antonucci, who was arrested in March, was convicted after misrepresenting his bank's capital position in the process of trying to secure more than $11 million in TARP funds.

In addition, he pleaded guilty to accepting bribes in exchange for approving various bank transactions. Among the payoffs: use of a private aircraft, a luxury car and over $250,000 in cash payments. To top of page

Index Last Change % Change
Dow 17,866.57 146.65 0.83%
Nasdaq 5,150.44 41.77 0.82%
S&P 500 2,099.86 19.45 0.93%
Treasuries 2.16 -0.06 -2.84%
Data as of 3:42pm ET
Company Price Change % Change
Bank of America Corp... 17.72 0.29 1.64%
General Electric Co 30.00 0.06 0.20%
Pfizer Inc 33.52 0.74 2.27%
Microsoft Corp 54.98 0.63 1.16%
Apple Inc 117.10 -1.20 -1.01%
Data as of 3:26pm ET


Cyber Monday saw an increase in the number of out-of-stock items this year, according to data from Adobe. More

Strong November U.S. car sales has industry poised to set a record for sales once December results are reported. More

Microsoft is enjoying a renaissance under the leadership of CEO Satya Nadella. The cloud strategy is paying off and the stock is not far from its all-time highs. But now comes the hard part .. living up to the hype. More

Hive, a startup funded by the UN, is tasked with getting more Americans engaged with the refugee crisis. More

Have you heard of Harvey Mudd College? A degree from this small liberal arts school can cost more than a house, but grads earn about $92,300 a year after getting their degree. Google hired 11 Mudders last year. More