Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

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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.

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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,

Abacus Federal Savings Bank, which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty of grand larceny and conspiracy on Wednesday after a.

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Partner Kevin Puvalowski and associate Sarah Aberg represented abacus federal savings bank, the only bank to face trial on criminal charges in connection with the financial crisis and the first bank indicted by the manhattan district attorney’s Office since 1991.

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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.

By Karen Freifeld. NEW YORK (Reuters) – Abacus Federal Savings Bank, which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty on Thursday of all charges related to the sale of allegedly fraudulent mortgages to Fannie Mae.

Abacus Federal Savings Bank, which caters to Chinese-Americans in and around New York City, was charged in New York state court Thursday with selling hundreds of millions of dollars in fraudulent.

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