![]() ![]() The bank uncovered the irregularities more than two years ago, conducted an internal investigation and reported the results to authorities, the statement said. The charges include grand larceny, conspiracy, residential mortgage fraud and falsifying business records.Ībacus said in a statement it was “disappointed” New York prosecutors decided to indict the bank. Also, a typical naming convention is that in the case we are referring to the main offices of an institution, this branch code is XXX. Those charged include Yiu Wah Wong, the bank’s chief credit officer, who reported to the bank’s chief executive, and loan origination supervisor Wai Hung “Raymond” Tam. UPDATE 2-Abacus Federal Savings Bank indicted for mortgage fraud. For an optimal experience visit our site on. Nineteen employees of the bank also were charged in the case, eight of whom have pleaded guilty. Abacus Federal Savings Bank is believed to be the only bank to face criminal charges following the 2008 financial crisis. This feature prevents the fraudster to duplicate counterfeit cards, helping to reduce in-store. It then sold those mortgages to Fannie Mae, Vance said. Led by Manhattan District Attorney Cyrus Vance, Jr., prosecutors believe that Abacus Federal Savings Bank. Abacus Chip debit cards with built-in chip technology, it provides an additional layer of security as every time a chip card is used in-store at a chip-activated terminal, a unique one-time code is generated thats used to approve the transaction. The bank’s managers and employees schemed to falsify loan applications so that borrowers would qualify for mortgages, Manhattan District Attorney Cyrus Vance said on Thursday. Please call 212.285. ![]() NEW YORK (Reuters) - Abacus Federal Savings Bank, which caters to Chinese immigrants in New York and other communities, has been charged with selling hundreds of millions of dollars worth of fraudulent mortgages to Fannie Mae. The documentary raises the question of why New York officials devoted five years to prosecuting the 300 million-asset Abacus Federal Savings Bank for 30 mortgages with alleged fake documentation, but didn't go after the many large banks that originated thousands of fraudulent home loans. ![]()
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