![]() ![]() Susan Roma testified that the default rate of the loans was extremely low. Larceny Charges (05:28)Ībacus passed off high-risk mortgages to unknowing purchasers. Hwei Lin is embarrassed to see her friends because she does not understand the banking industry. Chanterelle edits a proposed press release. The Sung family reflects on the five year ordeal Thomas gets his hair cut. Yu obfuscated his identity by using his Chinese name. Loan officers at Abacus were listed as gift donors. The prosecution alleged that gift letters were disguised loans. Taxes became an issue because of Chinatown's cash economy. One individual was approved for an $800,000 loan, despite earning only $24,000 a year. ![]() Day 52 of the Trial (03:58)Ĭhinese borrowers did not think they were committing a crime, even if documents were falsified. The prosecution suggested that the officers induced the borrowers to falsify documents. Chanterelle went to work at the bank with her sisters. Abacus Bank went into a liquidity crisis after its clientele withdrew $44 million. Abacus Crisis in 2003 (02:55)Ĭarol Lim embezzled over a million dollars from the Canal Street branch. Wong routinely denied potential loans on the basis of inconsistent financial information. The defense showed that officers attempted to hide misconduct from the underwriters. The seating chart of the Abacus loan department proved that fraud was centered around Tam's desk. Vance asserted the investigation was not racially motivated. Thomas was not offered the same deal as other financial officers. Fraud Scheme (03:34)Īlmost every major financial company and big bank issued large numbers of home loans and disguised them as high-rated securities to sell to investors. On the fifth day of the trial, Ken Yu testified as the prosecution's star witness. Charges Against Abacus (05:21)Ĭharges included falsifying business records, residential mortgage fraud, grand larceny, and conspiracy. The family shared their feelings about their attorney's argument. The prosecuting attorney alleged that Abacus routinely falsified and faked mortgage documents, intentionally deceiving the Federal National Mortgage Association. Abacus officers decided to plead not guilty and fight the allegations. If vendors complained about unfair tickets from the police, they feared retribution. Community Outrage (03:31)įamily associations welcomed Chinese immigrants, providing a sense of community. Raymond Tam and Wong had already been arraigned and posted bond. Investigators gave the media an opportunity to record ranking officers at Abacus Bank in handcuffs. Yiu Wah Wong refused to be interviewed about the fraud committed at Abacus. The compliance officer created binders for the staff. Originally, the DA's office focused solely on the employee accused of theft. Jill Sung fired the loan officer, referred the case to the compliance officer, and notified Freddie Mae the borrower filed a complaint at the local police precinct. Ken Yu ran a money-laundering operation through the bank. Hwei Lin Sung reflects on her daughters working in Chinatown Thomas wanted to make a difference in the community. Customers began depositing funds and obtaining home loans. Immigrant Banking System (03:03)Ībacus contained over 8,000 security deposit boxes. Sung founded Abacus because no banks in the region would loan to Chinese Americans. The Chinese Consolidated Benevolent Association sponsored a school. Sung emigrated to the United States at the age of 16, went to law school, and moved to Chinatown. Mortgages were based on false documentation. Cyrus Vance announced the indictment of Abacus in 2012. George Bailey's character in "It's a Wonderful Life" inspired Thomas Sung to open a bank for immigrants. Abacus: Small Enough to Jail: Introduction (03:01) FREE PREVIEW ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |