Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

NEW YORK, June 3 (Reuters) – Abacus Federal Savings Bank. found not guilty of grand larceny and conspiracy on Wednesday after a three-month trial for the alleged sale of hundreds of millions of.

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Abacus Federal Savings Bank , which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty of grand larceny and conspiracy on Wednesday after a. Abacus Bank fought the law and won, but it came at a cost.

NEW YORK, June 4 (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, prosecutors and defense counsel said.

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.

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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Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae. The bank and its employees stood accused of inflating the income of loan applicants and falsifying documents. According to a report from the New York Times, a New York jury found Abacus not guilty of charges including grand larceny, conspiracy, falsifying business records and residential mortgage fraud.

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 that.

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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.

Abacus: small enough to jail One afternoon in the fall of 2009, Jie Chen and Ariel Chi walked into the headquarters of Abacus Federal Savings Bank, near Canal Street, to inquire about a mortgage. Chi, who was twenty-four and.

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