He was fired, as were two other crooked loan officers the bank discovered. Abacus was the only U.S. bank prosecuted in relation to the A documentary about the prosecution and exoneration of Abacus, The bank has locations in New York, New Jersey, and Pennsylvania.Abacus has a wholly owned insurance subsidiary, the Abacus Insurance Agency Corp. (AIAC), which provides life, health, accident, and annuity insurance.In May 2012, New York prosecutors from the Manhattan District Attorney's office indicted the bank and 19 of its employees on charges of fraud in relation to hundreds of millions of dollars' worth of mortgages that had been sold to The bank, along with its former Chief Credit Officer and its former loan supervisor, were acquitted of all charges brought by the New York prosecutors in a jury trial in New York Supreme Court on June 3 and 4, 2015.The aggressive prosecution of Abacus, in contrast to the relatively lenient treatment received by large banks, was questioned and criticized by various media outlets.

We are profoundly grateful and humbled that this documentary was made. They are also the same values that must be espoused by any good prosecutor. Branch hours are temporary changed to support our continued efforts to keep our customers and employees safe during this challenging time.

We are truly appreciative to Steve James, Mark Mitten, and the entire film team for making this documentary.Going into making this film, I'd not spent hardly any time in Chinatown, beyond going to a restaurant or walking the streets like a tourist.
Chanterelle has had many meaningful conversations with prosecutors and defense attorneys who appreciate learning about the experience she went through. But I could easily see them feeling exactly like they felt in the film: that they were right in bringing the case and have little empathy for what they put this family and their bank through.I'm just a filmmaker, and not equipped to answer this question.


All Rights Reserved. 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. Due to mandatory city-wide restrictions, many businesses are temporarily closed or operating on adjusted hours. The DA Office’s perception of the Chinese American community as passives underlined not only their decision to pursue our Bank, but also the means and methods in which they pursued the case.Instead of protecting the vulnerable, the DA’s Office preyed upon this immigrant community’s legitimate fear of government and used this fear to build a bogus case. 5/8/2020 Abacus Bank Assisting New York Chinese School by Providing over $75k in Funding Through PPP Loan. The Steve James documentary centered on the Abacus Federal Savings Bank, a family-owned community bank in New York’s Chinatown which became the only financial institution to face criminal charges during the 2008 financial crisis, as they were deemed “small enough to jail” rather than the infamous “too big to fail” ruling. Part of HuffPost News.

The only U.S. bank prosecuted after the 2008 financial crisis was a tiny, family-owned bank in the heart of Manhattan’s Chinatown.

In this respect, they were like many other immigrant communities.“This is not unusual, historically or otherwise,” says James. An example of this was their extremely aggressive interrogation techniques on former employees and Bank customers. World Trade Center Branch Address:116 Nassau Street, New York, NY 10038 Tel:1-212-941-8… Progress comes at different rates for various parts of our community.

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. The film has restored our faith and hope that through this experience, we may be able to help society learn from mistakes, prevent similar situations from occurring, and seek positive change. Participant Abacus, Justin Lin-Directed Adaptation docu Sung Family Chinatown Bankers Only Bank To Face Criminal Charges 2008 Collapse 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.


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