Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

ABACUS: SMALL ENOUGH TO JAIL "Perp Walk" 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.

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Abacus remains the only U.S. bank to have been prosecuted in. They felt strongly they were innocent, even when we said we would make a. He had all these federal investigators from D.C. who had investigated the fraud. them again – they work with Fannie Mae a lot, the alleged victim. Find us on:.

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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. During the five-year period of the alleged fraud, Abacus sold 3,000 mortgages to Fannie Mae.

A jury found Abacus Federal Savings Bank and two of its senior officers not guilty of grand larceny and other charges on Thursday after a four-month trial, rejecting the Manhattan district attorney’s attempt to prove that the bank systematically lied for years to the Federal National Mortgage Association about the qualifications of its.

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.

. of Abacus Federal Savings, a family run community bank that has served. But as those who followed the story would find out over the three years that. being filed at Abacus, there was no apparent effort to defraud Fannie Mae. the jury found Abacus and two top employees not guilty on all of the more.

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.