Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

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Abacus Q&A #TIFF16 #WorldPremier documentary about the Sung family bank accused of fraud Abacus said it was stunned by the charges because it had investigated the matter, informed fannie mae and taken action, including firing some employees. Others resigned. Neither Fannie Mae nor any borrower was harmed, the bank said, adding that it had eschewed subprime mortgages and other risky lending practices vilified during the financial crisis.

 · 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.

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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.

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.

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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.

During the five-year period of the alleged fraud, Abacus sold 3,000 mortgages to Fannie Mae. A total of nine defaulted. All the loans cited in the case continue to perform or have been paid off. In the end, after a five-year investigation and a lengthy trial, the jury acquitted the bank and its managers.

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