NEW YORK — The former president of a small community bank earned the distinction of being the first person convicted of ripping off the federal bailout program by pleading guilty Friday to fraud charges and admitting that he tried to grab more than $11 million in taxpayer rescue funds.
Charles Antonucci Sr., 59, of Fishkill, N.Y., entered the plea in U.S. District Court to fraud, bank bribery, embezzlement and conspiracy charges.
Although the charges carry a potential penalty of 135 years in prison, Antonucci was expected to earn leniency by cooperating with federal authorities in a continuing probe.
Antonucci was contrite and agreed to pay $11.2 million and forfeit various assets to the government.
He resigned last year as president of the Park Avenue Bank, headquartered in Manhattan.
As part of the plea, Antonucci admitted that he accepted bribes to influence his decisions as president and chief executive of the bank.
He said he accepted gifts from customers, including $250,000 in cash and the use of private planes and luxury cars. In 2008 and 2009, he used a private plane more than 10 times to fly to Florida, Panama, Arizona and Georgia, including trips to the Super Bowl and the Masters golf tournament, the government said.
