Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

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,

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NEW YORK, June 4 (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, prosecutors and defense counsel said.

Abacus Federal Savings Bank et. al., number 2480-2012 in the New York Supreme Court for New York County. –Editing by Richard McVay. For a reprint of this article, please contact reprints@law360.com .

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.

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Abacus Federal Savings Bank is an American bank founded in December 1984 by a group of business leaders from the Chinese American community in New York City. Abacus was the only U.S. bank prosecuted in relation to the 2008 financial crisis; it was exonerated of all charges following a jury trial in 2015. The aggressive prosecution of Abacus, in contrast to the relatively lenient treatment received by the large banks, was questioned and criticized by various media outlets. A documentary about the

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NEW YORK, June 3 (Reuters) – 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 three-month trial for the alleged sale of hundreds of millions of dollars worth of fraudulent mortgages to Fannie Mae, lawyers.

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