NEW YORK – The former president of a small New York City bank has pleaded guilty to defrauding the federal bailout program.
Charles Antonucci Sr. entered the plea in Manhattan federal court Friday to fraud, bank bribery, embezzlement and conspiracy. The charges carry a potential penalty of more than 100 years in prison, but Antonucci can earn leniency by fully cooperating with the government.
Among other allegations, Antonucci was accused of using false information to request $11.3 million from the federal government's TARP bank bailout program.
The 59-year-old Antonucci says he knew what he was doing was wrong and apologized to those he hurt financially.
He resigned last year as president of The Park Avenue Bank, headquartered in Manhattan.