Three Charged in What U.S. Calls $100 Million Schemes
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Prosecutors charged three men with taking part in a $100 million fraud involving the former chief executive officer of Manhattan’s Park Avenue Bank who pleaded guilty in 2010 to lying to regulators and embezzling funds.
Wilbur Anthony Huff, a Kentucky businessman; Park Avenue Bank senior vice president Matthew L. Morris; and Allen Reichman, formerly an executive at Oppenheimer & Co. Inc., were indicted by a federal grand jury in Manhattan and accused of roles in a group of inter-related schemes, including defrauding Oklahoma regulators in the $37.5 million sale of an insurer that was later forced into receivership.