![]() ![]() All the loans cited in the case continue to perform or have been paid off. ![]() The jury struggled to understand how much bank management knew about the fraud.ĭuring the five-year period of the alleged fraud, Abacus sold 3,000 mortgages to Fannie Mae. The documentary makes the case that Yu repeatedly perjured himself on the stand, changing his story and contradicting himself. The DA’s office made Ken Yu its star witness. Thomas Sung approached customers on the line, shook their hands and said, “I’m here.” The run subsided. The announcement led to a run on the bank and customers withdrew $44 million, putting the bank into a liquidity crisis. ![]() It indicted 19 employees of the bank and staged a chain-gang-style photo op for New York journalists, with the employees all handcuffed to each other and paraded to the courtroom in front of photographers. The DA’s office determined that the loan office was thoroughly corrupt, and saw the bank as legally responsible. The bank saw its role as a provider of credit, not as an enforcer for the IRS.) (Many Chinatown businesses are cash-based and do not report all their earnings to the IRS. For instance, some loans were backed with “gifts” that turned out to be a borrower handing a loan officer $9,000 in cash and the loan officer writing a check for the amount and using it to back the loan. The district attorney investigated the case and found irregularities in the bank’s loans. The bank suggested she file a complaint with the police. The bank's management also reported the finding to Abacus' regulator at the time, the Office of Thrift Supervision.Ī borrower complained about stolen money. “Nothing at the level of Ken Yu, but we fired them nonetheless,” Jill Sung says in the program. The investigation uncovered misconduct of two other loan officers. She fired him the same day and hired an outside consultant, a former federal prosecutor, to investigate. In December 2009, the bank's president, Jill Sung, caught a loan officer, Ken Yu, accepting a “tip” from a customer and committing fraud. The DA's office charged that the bank defrauded Fannie Mae by submitting mortgages with fraudulent documents. It also features a juror in the trial who thought the bank should have been found guilty. The cameras frequently cut to scenes of street life in Chinatown.Įven so, the documentary takes a deep dive into the charges brought against the bank and interviews Cyrus Vance, the New York district attorney, and colleagues who worked on the case. Sung is shown watching “It’s a Wonderful Life” with his wife, speaking of the movie's hero, small-town banker George Bailey, as an inspiration, and strategizing with his daughters. Excellent & responsive customer support through Instagram, Twitter, and email.The program is sympathetic to Sung and his three daughters, who work at the bank and fought the case alongside him. You’ll win a cash prize if you stack enough points to rank high on our leaderboard.Ībacus will help you spend smarter, budget better, and see you stay in control of your finances.Ībacus is safe & secure. To make building better financial habits more fun for you, we’ll reward you with points every time you complete a smart money action on Abacus. Pay bills, and buy data/airtime conveniently from any of your connected accounts. Use Abacus to enjoy super fast & reliable transfers to any bank in Nigeria. With the Abacus Wallet, you can effectively budget your spending without hassle. It’s your money you should be the one in control every step of the way. Open your Abacus app to easily see what you’ve been spending money on and get valuable insights into your spending habits. Never worry about where your money is going again. ![]() Connect your GTB, Zenith, Kuda, Cowrywise, Piggyvest, First Bank, Chipper, FCMB, Pocket by Piggyvest, Stanbic, Carbon, Bundle, Binance accounts, and more in one secure app to get a concise sense of your net worth & keep tabs on your finances without having to open multiple apps. Meet Abacus: The app that gives you ultimate control over your finances. ![]()
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