Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

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How a community bank took the fall for the financial crisis – The documentary raises the question of why New York officials devoted five years to prosecuting the $300 million-asset Abacus Federal Savings. been found guilty. The case against Abacus The DA’s.

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Acquittal on All Counts in Abacus federal savings bank Trial – Partner Kevin Puvalowski and associate Sarah Aberg represented Abacus Federal Savings Bank, the only bank to face trial on criminal charges in connection with the financial crisis and the first bank indicted by the Manhattan District Attorney’s Office since 1991.

Jury Acquits Abacus on Mortgage Fraud Charges – A small thrift in New York City’s Chinatown that was among the very few financial institutions to face criminal prosecution by the Obama Administration on mortgage fraud charges was found not guilty ..

Abacus Bank fought the law and won, but it came at a cost – Abacus Federal founder and CEO Thomas Sung said he has never taken a salary from the bank.. its employees were systematically defrauding Fannie Mae by allowing. But jurors ultimately found Abacus and its two indicted loan. banks: a fine with no admission of guilt, or with admission of guilt but.

Abacus bank acquitted of all charges in N.Y. mortgage fraud trial – NEW YORK (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.

Abacus Federal Savings Bank – housingwire.com – A jury ruled that New york-based abacus federal savings bank and two of its senior officers are not guilty of defrauding Fannie Mae, bringing some closure to a case that began in 2012 and a trial.

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A brief history of crime, corruption, and malfeasance at American banks – 2011: The bank agreed to a $285 million settlement with the SEC over alleged securities fraud; it paid $158 million in a civil settlement over allegedly defrauding. the Federal Reserve over alleged.

Abacus Federal Savings Bank found not guilty of defrauding. – Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae. The bank and its employees stood accused of inflating the income of loan applicants and falsifying documents. According to a report from the New York Times, a New York jury found Abacus not guilty of charges including grand larceny, conspiracy, falsifying business records and residential mortgage fraud.

Abacus: Small Enough to Jail Oscar-nominated documentary tells amazing story. – MarketWatch – Oscar-nominated documentary tells amazing story of the only U.S. bank to be prosecuted after the financial crisis. follows the Abacus Federal Savings Bank, run by the Sung family, as it is.