Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

themreport.com | June 9, 2015 . By Xhevrije West. Law360’s John Kennedy reported that a New York state jury found Abacus Federal Savings Bank not guilty of residential mortgage fraud, falsifying business records, and grand larceny charges on Thursday, a spokeswoman for Manhattan District Attorney Cyrus R. Vance Jr.’s office confirmed to the site.

Thomas Sung, Chairman of Abacus Federal Savings Bank (the Bank), announced today that Fannie Mae has restored its correspondent relationship with the Bank. The Bank had a contractual relationship to sell and service 1-4 family loans with Fannie Mae for over 25 years.

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Abacus Federal Savings Bank is an American bank founded in December 1984 by a group of business leaders from the Chinese American community in New york city. abacus was the only U.S. bank prosecuted in relation to the 2008 financial crisis; it was exonerated of all charges following a jury trial in 2015. The aggressive prosecution of Abacus, in contrast to the relatively lenient treatment received by the large banks, was questioned and criticized by various media outlets. A documentary about the

Abacus Federal Savings Bank et. al., number 2480-2012 in the New York Supreme Court for New York County. –Editing by Richard McVay. For a reprint of this article, please contact reprints@law360.com .

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One afternoon in the fall of 2009, Jie Chen and Ariel Chi walked into the headquarters of Abacus Federal Savings Bank, near Canal Street, to inquire about a mortgage. Chi, who was twenty-four and.

NEW YORK, June 4 (Reuters) – Abacus Federal Savings Bank , which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty on Thursday of all charges related to the sale of allegedly fraudulent mortgages to Fannie Mae, prosecutors and defense counsel said.

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