The screening was followed by a Q&A session with the Sung sisters moderated by Simone Wilson-Brito. The documentary is an amazing story of a family’s resilience to fight back in the face of injustice. The indictment and subsequent trial forced the Sung family to defend themselves-and their bank’s legacy in the Chinatown community-over the course of a five-year legal battle. Accused of mortgage fraud by Manhattan District Attorney Cyrus Vance, Jr., Abacus was the only bank prosecuted after the 2008 financial crisis. This documentary told the saga of the Chinese immigrant Sung family, owners of Abacus Federal Savings Bank of Chinatown, New York. The film received many awards including an Oscar nomination, Emmy Award, and Silver Gavel Award by the American Bar Association, among others.In celebration of Asian American and Pacific Islander Heritage Month, McCarter & English teamed up with the Asian American Bar Association of New York (AABANY), the Asian Pacific American Lawyers Association of New Jersey (APALA-NJ), and the Korean American Lawyers Association of Greater New York (KALAGNY) to co-sponsor a screening of Abacus: Small Enough to Jail. Abacus Federal Savings Bank and 19 employees were accused of securities and mortgage fraud, falsifying business records and other charges in what District Attorney Cyrus Vance called a. has announced the indictment of Abacus Federal Savings Bank and 11 of its former employees in a mortgage fraud scheme resulting in the sale of hundreds of millions of dollars worth of fraudulent loans to Fannie Mae. The documentary film, “Abacus: Small Enough to Jail,” vividly captured the legal proceedings. website maker Manhattan District Attorney Cyrus R. The Bank survived the indictment after 5 months of trial, the Bank was totally vindicated. Additional reporting by Kurt Orzeck and Juan Carlos Rodriguez. with comment from Abacus Abacus Federal Savings Bank and a group of its former employees were indicted in a mortgage fraud scheme that resulted in the sale of hundreds of. In 2012, the Bank was unfortunately indicted by New York County District Attorney’s office on various charges relating to mortgage fraud. Abacus Federal Savings Bank et al., case number 02480-2012, in the Supreme Court of the State of New York, County of New York. The documentary raises the question of why New York officials devoted five years to prosecuting the 300 million-asset Abacus Federal Savings Bank for 30 mortgages with alleged fake documentation, but didnt go after the many large banks that originated thousands of fraudulent home loans. The bank uncovered the irregularities more than two years ago, conducted an internal investigation. The mission of the Bank is also to serve the community. Abacus said in a statement it was 'disappointed' New York prosecutors decided to indict the bank. In his career as an attorney and banker, he devoted countless hours to pro bono work for the Chinese community. In 1984, he founded the Abacus Federal Savings Bank which also owns Abacus Insurance Agency Corp and Abacus International Capital Corp. Abacus was and is a bank located in the Chinatown neighborhood of New York. His practice was largely concentrated on immigration and general law. It tells the story of the federal prosecution of Abacus Federal Savings Bank. The case was little covered at the time, and while its outcome is a. He worked with several large corporations as an economic and financial analyst while attending law school at night and began his legal career in 1965 after graduating from Brooklyn Law School. In May 2012, New York's district attorney brought charges against Abacus Federal Savings Bank and 19 of its employees. While attending university, he managed his family’s ranch until 1961 when he moved to New York. He earned a bachelor's and a master’s degree in agricultural economics in 1959 and continued his study in accounting and finance for two years at the University of Florida. His family briefly stayed in Brazil and eventually immigrated to the United States in 1952. He lived in Chongqing during the Second Sino-Japanese War and moved to Hong Kong in 1948. Thomas Sung was born in Shanghai in 1935.
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