Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

Abacus Federal founder and CEO Thomas Sung said he has never taken a salary from the bank.. its employees were systematically defrauding Fannie Mae by allowing. But jurors ultimately found Abacus and its two indicted loan. banks: a fine with no admission of guilt, or with admission of guilt but.

A new movie exposes the 'ridiculous' case against Abacus Bank. – Abacus Federal Savings Bank is the only financial institution to be indicted. In 2012, Abacus Federal Savings Bank was indicted on charges of fraud in relation. of mortgages that had been sold to Fannie Mae from 2005 to 2010.. out the case against them you also not just hear the case – you see how.

 · NYC bank indicted on mortgage fraud charges.. Abacus Federal Savings Bank was hit with mortgage fraud, grand larceny and other charges in.

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 · Not one Fannie Mae or Freddie Mac in the bunch! 2015 Press Release: Edward Dacy Found Guilty – 04/01/2015. Indictment of Abacus Federal Savings Bank and 11 Employees – 05/31/2012 Press Release: Indictment of Juan Carlos Sanchez, Quelyory Rigal, Sandra Campo, Osbelia Lazardi, Dayanara Montero, Celeste Mota, and David Arboleda – 05/31/2012.

Abacus Federal Savings Bank , which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty on Thursday of all charges related to the sale of.

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Thomas Sung, Chairman of Abacus Federal Savings Bank (the Bank), announced today that Fannie Mae has restored its correspondent relationship with the Bank. The Bank had a contractual relationship to sell and service 1-4 Family loans with Fannie Mae for over 25 years.

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 · On May 31st, 2012, just two weeks after his meeting with Kasowitz, Vance’s office moved to indict for mortgage fraud a tiny Chinese immigrant bank called Abacus Federal Savings, along with 19.

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By Karen Freifeld. NEW YORK (Reuters) – Abacus Federal Savings Bank, which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty on Thursday of all charges related to the sale of allegedly fraudulent mortgages to Fannie Mae.

Abacus: Small Enough to Jail Schmidt Hammers the New York Times – Candidates and their campaign operatives are not always comfortable with. Rick Davis regarding a story in the New york times today that detailed Davis’ profits for his advocacy work for a group set.

A jury ruled that New york-based abacus federal savings Bank and two of its senior officers are not guilty of defrauding Fannie Mae, bringing some closure to a case that began in 2012 and a trial.