The Traderszone Network

Published in TZ Latest News 20 August, 2015 by The TZ Newswire Staff

Ex-head of New York bank sentenced to two-and-a-half years prison for TARP fraud

A former president of a failed New York bank was sentenced to 2-1/2 years in prison on Thursday after becoming the first person to be convicted for trying to defraud the U.S. government bailout program established during the financial crisis. Charles Antonucci, Park Avenue Bank’s former president, was ordered to serve prison time by U.S. District Judge Naomi Reice Buchwald despite cooperating with authorities, who ultimately charged three other people. “Even today I have not heard an excuse or explanation for this serious conduct,” Buchwald said.