Man pleads guilty to R.B. bank robbery

Red Bank - A Monmouth Beach man pleaded guilty last week to robbing a borough bank branch on Aug. 29.

Martin N. Racioppi, 41, entered his plea before U.S. District Judge Freda L. Wolfson to a one-count indictment, which charges bank robbery.

At his plea hearing in Trenton, Racioppi admitted that he entered and robbed a Sovereign Bank branch located in Red Bank of approximately $8,050. Racioppi admitted he demanded money from a teller and told the teller that if she complied everything would be all right

Racioppi was arrested by Red Bank police officers after an investigation identified him as the man photographed by bank security cameras during the robbery.

He was on parole from a 2001 state bank robbery conviction at the time of the current offense. The case was investigated by the FBI's Red Bank office.

Judge Wolfson scheduled sentencing for May 29. The charge of bank robbery carries a statutory maximum sentence of 20 years in prison and a fine of $250,000.

The government is represented by Assistant U.S. Attorney Eugenia A.P. Cowles.