Amazing story of the Chinese immigrant Sung family, who founded and owned Abacus Federal Savings and Loan in Chinatown, New York. Abacus Bank has been charged with mortgage fraud by Manhattan District Attorney Cyrus R. Vance, Jr., making it the first and only U.S. bank to be prosecuted as a result of the 2008 financial crisis. Because of the indictment and ensuing trial, the Sung family is forced to defend themselves–as well as their bank's history in the Chinatown neighborhood, which will take the better part of five years.
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Amazing story of the Chinese immigrant Sung family, who founded and owned Abacus Federal Savings and Loan in Chinatown, New York. Abacus Bank has been charged with mortgage fraud by Manhattan District Attorney Cyrus R. Vance, Jr., making it the first and only U.S. bank to be prosecuted as a result of the 2008 financial crisis. Because of the indictment and ensuing trial, the Sung family is forced to defend themselves–as well as their bank's history in the Chinatown neighborhood, which will take the better part of five years.
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