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Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

In January 2015, Jiayang Fan, a writer for The New Yorker, heard from her colleague that a small, family-owned bank in Chinatown was.

[reading] “After a four-month trial, a jury found abacus federal savings bank and two of its senior officers not guilty of grand larceny and other charges on Thursday, rejecting the Manhattan.

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.

A New York state jury on Wednesday acquitted abacus federal savings Bank, which caters to Chinese-Americans in and around New York City, of grand larcey and conspiracy charges in a suit alleging.

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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.

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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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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 · By Karen Freifeld. 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.

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