Banker Charged With Defrauding TARP

In a "desperate attempt" to salvage his New York bank, longtime finance executive Charles J. Antonucci Sr. allegedly lied to regulators to receive around $11 million through the U.S. government’s Troubled Asset Relief Program. The former president and chief executive of Park Avenue Bank of New York is the first person to be charged criminally with attempting to defraud TARP, The Wall Street Journal reports. He's also been accused of bribery and other crimes, including “accepting free plane rides from a bank customer and stealing $103,000 from pastors of a church.” The bank, which specialized in commercial real-estate loans, failed on Friday after piling up more than $27 million in net losses last year. Antonucci could face up to 30 years in prison for each fraud or embezzlement charge.