And unlike larger institutions like Bank of America, J.P. Morgan Chase or Citigroup, Abacus had received no federal bailout money after the 2008 collapse — taxpayers were not on the hook for their operations — and Fannie Mae had actually earned, not lost, money off of Abacus mortgages.
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· On May 31st, 2012, just two weeks after his meeting with Kasowitz, Vance’s office moved to indict for mortgage fraud a tiny Chinese immigrant bank called Abacus Federal Savings, along with.
NEW YORK, June 3 (Reuters) – Abacus Federal Savings Bank , which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty of grand larceny and conspiracy on Wednesday after a three-month trial for the alleged sale of hundreds of millions of dollars worth of fraudulent mortgages to Fannie Mae, lawyers.
Following a 67-day trial, it took 10 days for the jury to find – spoiler alert – the bank not guilty of all 240 charges. [abacus federal savings Bank was the only bank indicted, in what Thomas Sng thinks was a politically motivated attack.
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Abacus Small Enough to Jail (DVD) : Acclaimed director Steve James tells the saga of the Chinese immigrant Sung family, owners of Abacus Federal Savings of Chinatown, New York. Accused of mortgage fraud by Manhattan District Attorney Cyrus R. Vance, Jr., Abacus becomes the only bank prosecuted after the 2008 financial crisis. The indictment and subsequent trial forces the Sung family.
The senators, including McCain, had pressed federal investigators to not to seize Lincoln because it might be insolvent. The company did eventually collapse, the savings of thousands of people were.
Abacus Federal Savings Bank found not guilty of defrauding fannie mae Abacus Federal Savings Bank was not just the first, but the only bank in all of America that was charged and prosecuted with felony charges as a result of all the financial misbehavior that created the 2008 financial collapse of America. You have to think about that a bit.
A Manhattan jury today found Abacus Federal Savings Bank, a major player in Chinatown, not guilty of mortgage fraud. Two top bank executives were also acquitted. The financial institution is owned by the Sung family, which also has many real estate holdings on the Lower East Side, including the dormant Loew’s Canal Theater.
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