MONMOUTH BEACH, NJ – A Monmouth Beach man was arrested last Friday and charged with robbing the Investor's Bank on Route 36 in the Navesink section of Middletown Township, just about 11 years after he robbed a Sovereign Bank branch in Red Bank.
Martin Racioppi, 52, is charged by complaint with one count of bank robbery. He is expected to appear this afternoon before U.S. Magistrate Judge Lois H. Goodman in Trenton to face allegations that he robbed the Investors Bank, Acting U.S. Attorney William E. Fitzpatrick announced.
According to the complaint, Racioppi entered the Investors Bank, located in the former A&P shopping center, on July 20, and verbally demanded money from a teller, and fled after the teller gave him cash.
Racioppi was arrested a day later in Eatontown, on July 21.
The bank robbery charge carries a maximum potential penalty of 20 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense.
Racioppi has two prior bank robbery convictions, including the aforementioned Sovereign Bank robbery, which he committed on Aug. 29, 2006.
Acting U.S. Attorney Fitzpatrick credited special agents of the FBI, Newark Division, Red Bank Resident Agency, Jersey Shore Gang and Criminal Enterprise Task Force (to include representatives from Bradley Beach Police Department, Brick Police Department, Marlboro Police Department, Monmouth County Sheriff’s Office, and Toms River Police Department), under the direction of Special Agent in Charge Timothy Gallagher; the Middletown Township Police Department, under the direction of Chief Craig Weber; the Monmouth County Prosecutor’s Office, under the direction of Monmouth County Prosecutor Christopher J. Gramiccioni; the Monmouth Beach Police Department, under the direction of Chief Thomas C. Walsh; the Atlantic Highlands Police Department, under the direction of Chief Jerry Vasto; and the Eatontown Police Department, under the direction of Chief Michael D. Goldfarb; with the investigation leading to Racioppi’s arrest.
The government is represented by Assistant U.S. Attorney Fabiana Pierre-Louis, Attorney-in-Charge of the U.S. Attorney’s Office Trenton Branch.