Because the great majority of people who are victimized by the justice system are poor--unlike the Sungs--and incapable of effectively defending themselves. There is much anger at the NY District Attorney's office, on behalf of the Sungs. In 2012, Abacus Federal Savings Bank (國寶銀行) was indicted on charges of fraud in relation to hundreds of millions of dollars’ worth of mortgages that had been sold to … He wanted to have the first word out to the media, that’s why I felt they didn’t give us advance notice.”Sung is not engaging in hyperbole when she talks about “a show.” The most gasp-inducing sequence in James’ film is the “perp walk” of those indicted, with former Abacus employees marched through the Manhattan Criminal Courthouse in front of the New York media. A new documentary, Abacus: Small … This post was published on the now-closed HuffPost Contributor platform. Integrity and honesty have always been of utmost importance in our family. “In his indictment he talks about how this is the first bank to be indicted, and he links it to the mortgage crisis, which is ridiculous, because Abacus refused to get into all the credit default swaps that were going on.”Abacus’ troubles began in 2009, when a loan officer with the bank was accused of stealing money from a mortgage closing. Abacus Bank will provide different workshops and seminars for non-profit organizations, associations, senior centers and … Please use our new Branch Call Center which has live customer service representatives. Most have found their footing in cash economy jobs.”What this meant in particular was that many of the Abacus mortgage applications contained income figures the DA considered fraudulently inflated, but were actually based on cash the applicants did have, but had not reported to the IRS. All Rights Reserved. All rights reserved. Please contact the business directly to confirm its most current status. It has given us the ability to share this story with far more people than we had ever hoped or imagined. If you need to flag this entry as abusive, We made it easy for you to exercise your right to vote!Part of HuffPost News. I would like to think that the film gives them pause, and makes them think about the decisions they made in going after Abacus.
Abacus is a small bank with a major presence in New York City’s Chinese community, providing mortgages to many recent immigrants who live in … But it’s hard to look at that and not see the profound insensitivity.”Whether or not racism was involved in the Abacus case, it is obvious that a certain amount of cultural insensitivity and misunderstanding definitely was. It is now all of our responsibility to ensure that cases like this unites and strengthens us as a community.We believe that our community has achieved a lot of successes and we should be very proud of all our collective achievements. A new documentary, The only financial institution indicted on criminal charges following the 2008 economic meltdown was a family-owned bank with six branches based in The film, which opens May 19 in New York followed by a national rollout, tells a tale of cultural misunderstanding compounded by possible racism and prosecutorial overreach.