When confronted with loan after loan in which the paperwork was allegedly falsified, a grand jury voted to indict the bank and other individuals. The ensuing grand jury investigation revealed widespread fraud. “This matter originated in 2010 with a complaint by an Abacus Bank borrower to the NYPD, who referred it to our office. “You would be hard-pressed to find a prosecutor’s office that would not have brought this case,” the spokesman said.
#Reddit abacus bank helped prevent foreclosure movie
Sung, pictured above, is presented as a George Bailey-like figure who had his community’s interest at heart, and the movie even opens with Sung and his wife watching “It’s a Wonderful Life.” The family plans to attend the Oscars with James on March 4.Ī spokesman for Vance responded to “Abacus” and James’ comments. 15.9k Posted by 5 years ago Abacus: Small Enough to Jail (2017) - The story of the only bank indicted after he 2008 mortgage crisis, a small, family-run bank in Chinatown. The movie presents that argument, but focuses on the family of Thomas Sung, the founder of the bank, as they went through the ordeal of fighting the charges. Abacus: Small Enough to Jail (2017) - The story of the only bank indicted after he 2008 mortgage crisis, a small, family-run bank in Chinatown. Vance, who appears in the movie, defends the decision to prosecute as a responsible move to root out corruption, and he denies that the bank was unfairly targeted. Also acquitted were two of its senior officers, who argued that they were not aware that loan originators in the bank had a scheme to produce false mortgage documents and collect commissions. A jury found the bank not guilty of mortgage fraud and a host of other charges in 2015.
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