![]() ![]() (Image: Vision Times/Vision Times Staff) On Nov. economic disaster since the Great Depression, resulted in the criminal prosecution of just one, singular bank: Abacus Federal Savings Bank. This event is co-sponsored by Brooklyn Law School’s Asian-Pacific American Law Students Association (APALSA). Community members gather at the Abacus Federal Reserve Bank where 50,000 was distributed to 10 local Chinese non-profit organizations on Dec. The 2008 financial crisis, described as the worst U.S. CHINATOWN, NY A documentary about a small Chinatown bank the only bank to face criminal prosecution in the wake of the 2008 financial crisis is. Abacus Federal Savings in Chinatown, New York the 2,531st largest bank in the U.S. bank to face criminal charges in the wake of the 2008 financial crisis. A new film argues that this small Chinatown bank was scapegoated after the financial crisis. ![]() This film is available for download from Amazon and iTunes. On September 6, Asia Society in New York will host a screening of Abacus: Small Enough to Jail a documentary depicting how a small immigrant-owned bank in Chinatown became the only U.S. Sung will be joined by his daughters Vera Sung, Esq., who sits on the board of directors for Abacus, Jill Sung, Esq., the bank’s president and CEO, and Chanterelle Sung, Esq., who was working in the Manhattan District Attorney's office at the time of the indictment. For another, he said his agency had recently concluded its annual examination of Abacus and found the bank to be financially sound. ![]() John Liu, D-Queens (right) Abacus leaders were found not guilty on fraud charges, but the court battle cost them over. The indictment and subsequent trial forced the Sung family to defend themselves – and their bank’s legacy in the Chinatown community – over the course of a five-year legal battle. State Assemblyman and Manhattan DA candidate Dan Quart (left) and State Sen. In 2009, Vera and Jill Sung discovered a fraudulent scheme in. bank to face criminal charges in the wake of the 2008 financial crisis. Many of the bank’s customers work in Chinatown’s cash economy, meaning finding paperwork to secure home loans can be a challenge. The film portrays the incredible saga of the Sung family and the community bank they own and operate in New York’s Chinatown.Īccused of mortgage fraud, Abacus was the only U.S. Join us for a discussion with Dean Nick Allard and Thomas Sung ’64, Founder and Chairman of Abacus Federal Savings Bank, subject of the Oscar-nominated documentary Abacus: Small Enough to Jail. ![]()
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