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Former Park Avenue Bank President Arrested

(CN) - The former president of The Park Avenue Bank in Manhattan was arrested on charges that he lied in an application for $11.2 million from the U.S. bank bailout program, a week after regulators shut down the bank.

Charles Antonucci faces charges of bank fraud, embezzlement, bribery and wire fraud for allegedly lying on the application to get money from the Troubled Asset Relief Program.

He also is accused of defrauding the Federal Deposit Insurance Corp. by falsely stating he invested $6.5 million of his own money to help the bank stay afloat, when he in fact "devised an elaborate round-trip loan transaction so that the purported $6.5 million investment was actually made with the bank's own funds," the lawsuit states.

The New York State Banking Department closed the bank on March 12.

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