![]() ![]() Abacus officers decided to plead not guilty and fight the allegations. If vendors complained about unfair tickets from the police, they feared retribution. Community Outrage (03:31)įamily associations welcomed Chinese immigrants, providing a sense of community. Raymond Tam and Wong had already been arraigned and posted bond. Investigators gave the media an opportunity to record ranking officers at Abacus Bank in handcuffs. Yiu Wah Wong refused to be interviewed about the fraud committed at Abacus. The compliance officer created binders for the staff. Originally, the DA's office focused solely on the employee accused of theft. Jill Sung fired the loan officer, referred the case to the compliance officer, and notified Freddie Mae the borrower filed a complaint at the local police precinct. Ken Yu ran a money-laundering operation through the bank. Hwei Lin Sung reflects on her daughters working in Chinatown Thomas wanted to make a difference in the community. Customers began depositing funds and obtaining home loans. Immigrant Banking System (03:03)Ībacus contained over 8,000 security deposit boxes. Sung founded Abacus because no banks in the region would loan to Chinese Americans. The Chinese Consolidated Benevolent Association sponsored a school. Sung emigrated to the United States at the age of 16, went to law school, and moved to Chinatown. Mortgages were based on false documentation. ![]() Cyrus Vance announced the indictment of Abacus in 2012. ![]() George Bailey's character in "It's a Wonderful Life" inspired Thomas Sung to open a bank for immigrants. Abacus: Small Enough to Jail: Introduction (03:01) FREE PREVIEW ![]()
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