This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Advertisement". The cookie is used to store the user consent for the cookies in the category "Other. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". ![]() It does not correspond to any user ID in the web application and does not store any personally identifiable information. The cookie is used by cdn services like CloudFare to identify individual clients behind a shared IP address and apply security settings on a per-client basis. These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. Taibbi, The Divide: American Injustice in the Age of the Wealth Gap (2014), at 46. Bennett, “Mortgage Fraud Prosecutors Pounce on a Small Bank,” Bloomberg Business, Jan. Morgenson, “A Tiny Bank’s Surreal Trip Through a Fraud Prosecution,” New York Times, July 17, 2015.Ģ. The loan officer later pleaded guilty to grand larceny, fraud, and falsifying business records he apparently was taking kickbacks for falsifying mortgage applications. The bank investigated, and terminated the loan officer the following Monday. When the borrower started asking about extra checks she had written for the loan officer, Vera Sung grew suspicious and called off the closing. The case began with a routine real estate closing at the bank’s Chinatown branch on a Friday in December 2009. In May 2012, it became the first and only bank to be indicted for mortgage fraud in the wake of the 2008 financial crisis. But it also serves as a cautionary tale about the lurking dangers of self-reporting and cooperation without the assistance of counsel and the importance of always considering potential liability.Ībacus Federal Savings Bank was founded in New York City’s Chinatown in 1984. ![]() 1 The prosecution, led by the Manhattan DA’s office, has been variously assailed as a political expediency, the persecution of a minority-owned bank, and a misplaced use of post-financial crisis investigative resources. “The tactics they used were clearly targeted to fears that they knew existed in the community.“We cooperated with them, not realizing we were the target,” said Vera Sung, a director of Abacus Federal Savings Bank, about the bank’s interactions with prosecutors at the start of a two-and-a-half year investigation that led to the bank’s indictment, trial, and finally, acquittal this past June. ![]() ![]() Could you please come down?’ For a lot of people who do not speak English and who were not born here and who comes from a country that is a police state, that is very intimidating and they will do or say anything to appear cooperative.” “They said, ‘Don’t forget, we can send you back.’ The tactics they used were clearly intended to intimidate,” Jill said. “You have a DA who was politically ambitious and he's in the financial capital of the world,” there was pressure to respond to the sub-prime financial meltdown, and racism: “if it was not the primary motivator it certainly colored the whole prosecution and how his team approached the weaknesses in the community.” Jill’s sister Vera, a director of the bank, added, “It's a subtle form of intimidation but not so subtle, coming to your house at six in the morning, knocking on your door, gun at their sides, and saying ‘Hi, we would like to interview you. Then why bring a case that was evidently inadequate that 80 charges produced not even a single guilty verdict? Jill said it was a combination of three factors.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |