The former president and chief executive of Gateway Bank in Oakland, Calif., has been accused of orchestrating a fraud scheme to disguise the bank's crumbling financial condition.

Poppi Metaxas is charged with bank fraud, bank fraud conspiracy and perjury, according to a Wednesday press release from the Special Inspector General for the Troubled Asset Relief Program. The Inspector General is involved in the case because the $212 million-asset Gateway applied to receive funding from the Tarp program. Metaxas was arraigned in a San Francisco federal court on Wednesday.

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