Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

Documentary film 'Abacus: Small Enough to Jail' nominated for Oscar themreport.com | June 9, 2015 . By Xhevrije West. Law360’s John Kennedy reported that a New York state jury found Abacus Federal Savings Bank not guilty of residential mortgage fraud, falsifying business records, and grand larceny charges on Thursday, a spokeswoman for Manhattan District Attorney Cyrus R. Vance Jr.’s office confirmed to the site.

Eventually, the judge implored the members of the jury to come to a verdict, and on June 3rd and 4th they found Abacus and its co-defendants not guilty on all counts.

New York bank stood accused of grand larceny, conspiracy, 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 began four months ago. Just over two years ago,

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Abacus Bank indicted for alleged mortgage fraud (N.Y. Sup.. Securities Fraud: Pipefitters Local Union No.. Call us at 800-328-4880 or find us on the store at west.thomson.com. Abacus Federal Savings Bank along with 11 current and former employees. loan that it later re-sells to Fannie Mae, and.

The system assumes that wealthy Americans are innocent, even when they. a resident in the house, was charged with welfare fraud and did a year in jail.. loans to Fannie Mae and Freddie Mac through a program called "Hustle.. Abacus Federal Savings Bank: The tiny family-owned bank in New York's.

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In a filing accusing the bank of defrauding investors, an employee involved in the origination of mortgages "admitted that the emphasis at BOA-Bank was quantity not quality and that. defrauded.

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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.

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.